If anyone questions why we need to continue to to push for the creation of rental housing in general, and affordable rental housing in particular, the above article illustrates the answer. With increases in people unable to purchase homes, the supply of rental housing is being outstripped by the demand. This is pushing the price of market rate rental housing out of reach of many people. Back in June I had pointed out that, in Dennis, nearly 30% of those earning less than 120% of median income who rented were paying more than 30% of their monthly incomes in rent. The numbers were even scarier for those who owned and paid mortgages as 69% of those earning less than 120% of median income were spending above 30% of their income on mortgage costs.
Quite simply, there is a large portion of the population in Dennis who cannot afford the residences they live in today. As over the edge homeowners surrender their homes for rental units, they find themselves in a situation that is no better than they are currently in, as rents in the area sometimes exceeds mortgage payments.
Affordable housing, like those being created on Janall Drive and Elkannah Howland Road, is a necessity for a functioning economy.