SAVI Reports - Page 27

Figure 14, below, is drawn from the National Low Income Housing Coalition’s 2016 Out of Reach report, which compares the gap between wages and rent for various income groups in Marion County, including extremely low-income households (<30 percent area median income), a minimum wage earner (23 percent area median income), and a social security insurance recipient with no other source of income. The gap between what families in these situations earn and fair market rents, almost assures that a number of these families will experience a housing cost-burden. According to the report, a Marion County minimum wage earner would need to work 86 hours per week to afford a two-bedroom apartment at fair market rent. The places accessible to low-income and very-low-income families throughout the county are limited. Comparing the affordability gap at various income levels with the map of median gross rent and the map of the percent of total units that are affordable (see Figures 15 and 16, next page), it is readily evident that the places accessible to low-income and very low-income families throughout the county are limited. Some families are indeed able to find quality, affordable housing in these locations. Others may be able to qualify and secure subsidized housing or otherwise access higher cost housing through HUD-provided tenantbased rental assistance. Overall, however, there are not enough of these units or programs to serve everyone’s needs, and the alternative for many families is to incur a cost-burden in their housing tenure. Figure 14. Gap between Fair Market Rent and Selected Income Levels (Marion County) $117 $309 $432 $589 $809 $692 $500 $377 $220 Fair Market Rent Mean Renting Wage Gap Extremely Low Minimum Wage Income (<30% AMI) Earner SSI Recipient Total Source: National Low Income Housing Coalition: Out of Reach Report (2016) 23