{"id":2663,"date":"2013-12-20T16:02:34","date_gmt":"2013-12-20T22:02:34","guid":{"rendered":"http:\/\/peaceeconomyproject.org\/wordpress\/?p=2663"},"modified":"2013-12-20T16:02:34","modified_gmt":"2013-12-20T22:02:34","slug":"the-government-is-quietly-giving-way-more-housing-aid-to-rich-people-than-poor-people","status":"publish","type":"post","link":"https:\/\/peaceeconomyproject.org\/wordpress\/the-government-is-quietly-giving-way-more-housing-aid-to-rich-people-than-poor-people\/","title":{"rendered":"The Government Is Quietly Giving Way More Housing Aid to Rich People Than Poor People"},"content":{"rendered":"

by\u00a0Danny Vinik, Yahoo Finance
\nclick here for original article<\/a><\/p>\n

The\u00a0Center for Budget Policy Priorities<\/a>\u00a0released a number of charts today that shows how much the federal government favors high-income households over low-income ones in housing benefits.<\/p>\n

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This largely results from the fact that homeowners receive significantly more aid than renters and high-income Americans are much more likely to be homeowners.<\/p>\n

In 2012, the federal government gave out $240 billion in housing aid. Income data is not available for all of it, but of what is available, more than half went to those with incomes greater than $100,000 ($81.6 billion). Only $40 billion went to those with incomes less than $50,000.<\/p>\n

Overall, high income households receive four times as much in housing aid as low-income ones.<\/p>\n

The main reason for this is the majority of federal housing aid flows to homeowners, not renters. The mortgage interest deduction is the most well-known program that subsidizes homeownership. That deduction alone is larger than all federal rental aid combined.<\/p>\n

The federal government gave out about $60 billion in housing benefits to renters in 2012. It gave out more than three times that much to homeowners. Low-income households receive the vast majority of that rental aid, but the opposite is true of aid to homeowners. That flows primarily to high-income households.<\/p>\n

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Center on Budget and Policy Priorities<\/div>\n<\/div>\n

This comes at a time when\u00a0renters are struggling to keep pace with rising housing costs<\/a>\u00a0. Fifty percent of renters now spend more than 30% of their income on housing. This has forced renters to cut back on other household necessities or live in inadequate units.<\/p>\n

[Click here to check home loan rates in your area.<\/a>]<\/p>\n

Renters are more likely to face a severe cost burden (defined as spending at least 50% of income on housing) than homeowners are. This is a result of rising median gross rent and falling media income over the past 15 years.<\/p>\n

For both renters and homeowners, the percentage of households that have a severe affordability problem with their housing has increased since 2001.<\/p>\n

These problems are only going to get worse as millions of seniors find themselves in need of rental housing in the coming decades.<\/p>\n

Yet, while this silent crisis continues, the majority of the money that the federal government spends on housing flows to homeowners, not renters.<\/p>\n","protected":false},"excerpt":{"rendered":"

by\u00a0Danny Vinik, Yahoo Finance click here for original article The\u00a0Center for Budget Policy Priorities\u00a0released a number of charts today that shows how much the federal government favors high-income households over low-income ones in housing benefits. This largely results from the fact that homeowners receive significantly more aid than renters and high-income Americans are much more […]<\/p>\n","protected":false},"author":1,"featured_media":2664,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[8],"tags":[],"class_list":["post-2663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t