The Incredibly Shrinking Middle Class
The American Middle Class is shrinking, and it's causing a domino effect in housing.
According to Business Insider, the number of middle class income households dropped by 12% from 1970 to 2016. Only lower-income and upper-income household numbers grew. A number of middle-income households simply are not able to save or qualify to buy their own home.
Research shows these changes have lead to:
- Higher demand for rentals
- Higher demand for homes at "highest and lowest price points."
- Lower demand for median-priced homes
Developers and builders are catering to the current demand, leaving the middle class searching for homes that are affordable.
That's why Navigate Affordable Housing Partners has teamed up with the Titusville Development Corporation to build workforce housing in the Titusville neighborhood of Birmingham.
You can read more about this partnership in the September 2018 issue of Navigating Public Housing, Navigate's monthly newsletter.