July 30th, 2024 by WCBC Radio
An “Out of Reach Report” from the National Low Income Housing Coalition shows Maryland has the ninth highest housing wage in the nation. "Housing Wage" is an estimate of the hourly wage needed to afford a rental home at fair-market rent without spending more than 30% of income. Median monthly rent for new multifamily units in the third quarter of last year was more than $1800 a month, while just 2% of new units had rents less than $850 dollars per month. As supply constraints drive costs higher, the coalition’s Diane Yentel says the nation's housing crisis will worsen…
"Increased rents are resulting in increased homelessness The US government accountability office has found at a $100 increase in medium monthly rent is associated with a 9% increase in homelessness in that community."
