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Section 8 of the Housing Act of 1937 ( 42 U.S.C. § 1437f ), commonly known as Section 8, provides rental housing assistance to low-income households in the United States by paying private landlords on behalf of these tenants. Approximately 68% of this assistance benefits seniors, children, and individuals with disabilities. [1]
Finally, your 2020 income level can’t exceed 80% of your area’s median income, though states might have different income requirements. See: A Look at the Direction of Home Interest Rates in 2021
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
The 2018 median home price in Silicon Valley was $1.18 million, a 21% increase from 2017. [3] Almost 90% of low income renters in the San Jose-Sunnyvale-Santa Clara metro area were cost burdened in 2017, meaning they spent more than 30% of their income on housing. [4] Over a third of mid-income renters were cost burdened as well.
In Los Angeles, a median-income household would need to put roughly 80% down to afford a typical home and its monthly payments in the city, according to Zillow. Say goodbye to the 20% down payment.
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