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John Inglesino Comments on the Latest Trends in Affordable Housing

John Inglesino is a proud partner of Inglesino, Webster, Wyciskala & Taylor, LLC.  He’s also a noted expert in the world of affordable housing. Today, John Inglesino provides some insights on the most recent housing reports and what the numbers mean for those in need of affordable housing.

The first trend John Inglesino has noticed is that of stagnant incomes for renters. Of people in America who rent their living space, 47.5 percent are classified as cost burdened. This term refers to those who spend more than 30 percent of their annual income on renting.  The fact that the cost of renting has continued to increase has made it harder for owners to fill high-end rentals, but more difficult for people who are looking for low-cost rentals. Demand has never been higher for affordable housing.

Demographics that make up renters of affordable housing are changing as well. Millennials are choosing to look for affordable housing as opposed to exploring homeownership. This is largely linked to the debt younger people find themselves in after taking out student loans to pay for their education. On the flip side, seniors aged 65 and older are also retiring to affordable housing rentals. This has led to an increase in demand for construction and housing availability.

John Inglesino notes that one of the biggest issues of the day stems from geographic stratification. In other words a lot of job opportunities are present in wealthy areas so it’s harder for people in low income areas to find jobs where they can grow. One way to combat this is for the state and national government to expanding zoning codes that allow for affordable housing to spread into areas that are growing.

It’s pivotal that the balance of supply and demand is in-tact when it comes to low-cost housing and low-income resident demand. The legal system and John Inglesino work to do this by addressing structural and geographical disadvantages in the courts. All people should have access to neighborhoods of opportunity. This can be done through housing finance reform, revamping regulatory codes and holding people accountable to provide fair wages for fair work.