Over 13 million potential first-time homebuyers were priced out this year, putting homeownership out of reach for low-income households in most of the largest U.S. cities.

"As home prices continue to surge, low-income households already on the margins of home affordability are on the verge of being completely priced out of homeownership in most major US metro areas." Raheem Hanifa "examined what area median income level was needed to afford a modest-priced home in each of the top 100 metro areas in June of 2021 compared to June of 2020, and then how many renters aged 25-55 were in that group in each time period" for an estimate of "how many likely first-time homebuyers were priced out of homeownership."
Hanifa found that "[b]y June 2021, extremely-and -very low-income households with under 30 percent AMI, and between 30-50 percent AMI respectively, could not afford the median-priced home in any of the 100 largest US metro areas, and in only 20 metros were homes affordable for low-income households with incomes between 50-80 percent of AMI." This translates to 13.4 million potential first-time homebuyers who could not afford a median-priced home. "While households across all AMI levels are impacted by increasing home prices, low-income households with incomes between 50-80 percent of AMI are most at risk of being priced out of affordable homeownership."
"Further compounding these challenges is that even when low-to-moderate income buyers can afford to purchase a home, intense homebuying competition has locked many who rely on FHA and VA loans out of homeownership." The Biden administration, Hanifa writes, should support "policies that build more affordable housing and targeted downpayment assistance to Black households, who already have large homeownership gaps," and "consider employing the Equal Credit Opportunity Act (ECOA) and the exemptions provided through its Special Purpose Credit Program (SPCP), which allows lenders to favorably consider prohibited factors such as race or ethnicity in connection with a special purpose that may include initiatives for 'low-income borrowers of color.'"
FULL STORY: THIS YEAR, HALF AS MANY METRO AREAS ARE AFFORDABLE TO LOW-INCOME HOMEBUYERS AS LAST YEAR

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie