Younger generations of Americans are struggling to find affordable housing compared to their parents and grandparents.
Whether looking for a rental or trying to buy a house, they face huge financial hurdles.
The National Alliance to End Homelessness in America found a 23% increase in homelessness for the first time in 2019-2023. In Texas, 27,377 experienced homelessness in 2023.
The American Dream is fading for many, and the increasing cost of rent puts low-income families even further behind, often forcing them to choose between their basic needs to make ends meet.
The U.S. mortgage rate has increased to 6.54% for a 30-year fixed rate. This is the fourth week in a row that the rates have increased.
A combination of high interest rates and the increase in the cost of living have some believing that they can never meet the adulting milestones their parents did.
A University of Houston and Texas Southern University Trends Survey found that 54% of Texans think there should be more affordable housing for low-income Texans.
Texas Comptroller Glenn Hegar released a study on the state’s housing affordability.
“Simply put, our state, which is generally well regarded for its low cost of living, is facing the pressures of a decline in housing affordability as our population and demand for housing continue to rise,” he said.
For TCC students, renters are paying around $1,020 near South Campus and up to $1,750 near NW Campus for a one-bedroom apartment, according to the Tarrant County housing small area fair market rent sheet, with the other campuses being within the median rate.
These issues are also causing more and more young Americans to move back home to live with their parents so they can save up for their own homes. This has caused a multi-generational home, which leads to multigenerational problems.
While some cultures normally live in these dynamics, the growing need to do so for survival and not for cultural beliefs is a cause for concern.
Driving around Tarrant County, the growing homelessness problem is easy to spot, especially next to boarded-up businesses and highway underpasses. While making more homeless shelters to house people is an immediate emergency fix, there needs to be better solutions for the long term.
Increasing income and investing in education can prevent homelessness and improve housing affordability.
More affordable rentals should be created. Luxury apartments are popping up across the metroplex, and renters cannot keep up with the prices. More Texans can benefit from housing and rent stability by expanding affordable housing programs.
Most housing issues are a result of financial problems, so increasing income for people will prevent them from experiencing homelessness and will allow the younger generation to better afford housing. They can possibly find jobs in other states as opposed to being stuck at home because they cannot afford to live on their own.
We should better utilize income support programs to help low-income families afford housing and help younger generations.
This requires creating a system that works together.
Programs like Section 8 housing and even stipulations when developers are building new subdivisions or apartment complexes that make sure they have a designated number of units just for low-income renters make housing more affordable.
We should also create laws banning corporations and foreign entities from buying homes here for tax or citizenship purposes and creating a housing crisis by buying houses and leaving them empty. These groups bring up the cost of homes in the area for everyone else.
Another way to help younger people afford homes is through student loan forgiveness. These big loans make it hard to save for a down payment or rent.
By creating a multisystem housing plan, more Texans will benefit from housing and rent stability.
