With the number of properties under distressed property listings continuing to increase in Pennsylvania, the state is facing further problems when it comes to housing. A report by the Housing Alliance of Pennsylvania reveals that the state has a shortage of affordable for rent homes and this is affecting low income families in the state.
Most cities and counties in the state are suffering from the foreclosure crisis. According to latest housing reports, Pittsburgh foreclosure listings are just some of the property listings in the whole state that have thousands of properties on it. This problem contributes greatly to the residential crisis facing residents of the state.
For low income families who lost their properties to foreclosure listings in Pennsylvania, finding another dwelling is a challenging task. Most of them opt to rent homes since their abilities to purchase another after foreclosure are sadly affected by the crisis. However, the lack of affordable rental housing in the state makes it even harder for them to find a new residence.
The Housing Alliance report showed that even homes under a listing of foreclosure hardly offer an affordable alternative to families who have lost their properties. The report has estimated the shortage of rental homes to be as much as over 200,000 units.
Distressed property listings also do not have a lot of houses that buyers can convert into rental units; and even if there are enough choices, buyers usually cannot afford to offer such units in rental rates that poor families in the state can afford.
The recent study revealed that Allegheny County is in need of at least 21,000 affordable rental units, while Butler is facing a shortage of more than 1,600. Westmoreland County, on the other hand, has over 2,700 potential renters seeking affordable homes. Residential real estate observers have stated that it is not so much as the number of for-rent homes that is in shortage as the number of "affordable" rental homes.
According to the alliance, the average hourly pay needed by a resident to afford a two-bedroom rental unit is $14.04. This means that even nurses, dental clinic assistants and other medical personnel can be categorized as low-income and might not be able to rent a decent apartment. Market analysts have revealed that the high number of properties under distressed property listings and the high rates of unemployment both contribute to this shortage problem.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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