This is the last grant-funded post, so we’ll try to keep it snappy, not sappy. What do we know about housing, anyway? Not a lot, but a good deal more than when we signed on to this gig 10 months ago.
For what they’re worth, we’ll leave you with a gratuitous thought and an anti-climactic ranking.
Housing can’t simply be left to the private market, any more than health care or education. It’s time for people to accept that resolving the housing-affordability crisis will require significant new governmental investment; and alleviating the socioeconomic and racial segregation that continue to stand in the way of fair housing choice, all across the country, will require concerted government intervention. Why shouldn’t the right to decent housing and fair housing choice be a public policy priority commensurate with the right to health care or the right to receive an education?
Rankings abound at New Year, so here’s one with an ancillary question: Rent or buy? 504 counties around the country are listed in order of rental affordability — that is, the percentage of local median income that’s required to pay median rent of three-bedroom apartment in that county. Also listed is the affordability percentage of a median priced home. Compare the percentages to see whether it’s more affordable to rent or buy.
No. 1 in rental affordability (or unaffordability) is Honolulu, at 73 percent. Buy. No. 505 is Huntsville, Ala., at 23 percent. Buy.
You can get to the Excel table by clicking here.
The only Vermont county in the table is Chittenden (listed as Burlington/South Burlington). Sorry, Bellows Falls, Bennington, et al, but that’s the way of these national surveys.
Burlington/South Burlington comes in at No. 152 in rental affordability, at 40 percent. Buying affordability: 46 percent. The recommendation: Rent.
That’s despite the fact that, according to the table, the cost of a 3 BR apartment in Burlington/South Burlington went up 12.2 percent in the last year.
Sounds a little high to us (so much for the 3.3 percent figure we’ve been hearing) but again, what do we know?
Could be worse.
Great job Tim!