This year's report includes, for first time, a data dashboard
to be updated annually
HARRISBURG, Pa. , March 28,
2024 /PRNewswire/ -- The Pennsylvania Housing Finance
Agency today is releasing the latest Pennsylvania Comprehensive
Housing Study that introduces access to a new online data
dashboard. Both are freely available to housing professionals and
the general public.
Data in the dashboard on housing trends cover all 67
Pennsylvania counties and draw on
a variety of sources, including the U.S. Census Bureau, the U.S.
Department of Housing and Urban Development, and the Consumer
Financial Protection Bureau. The data in the dashboard, which is
called the Pennsylvania Housing Data Explorer, will be updated
annually.
The Pennsylvania Comprehensive Housing Study, produced in
collaboration with the Housing Initiative at the University of Pennsylvania, explores the current
status and recent trends for housing statewide. The report's
findings are important to help PHFA manage its housing programs
most effectively by strategically responding to changing housing
demands. The agency is sharing the report publicly so it can be
used by policymakers and housing professionals statewide to help
guide their state and local housing policies and private sector
housing construction.
"We're proud to share this report which gives us detailed
insights into how housing needs are changing and the various forces
at play," said PHFA Executive Director and CEO Robin Wiessmann. "We're especially excited about
the new, online dashboard, which will give users the opportunity to
interact with the report's data in a more engaging way. The data
will be refreshed every year so it best reflects current housing
trends."
This year's expanded report has seven chapters that cover:
demographic trends affecting housing, the status of the state's
housing stock, housing prices and rents, access to mortgage
financing, housing affordability and instability, housing
assistance for renters and homeowners, and the impact of the COVID
pandemic on housing in Pennsylvania.
A change from prior comprehensive housing studies commissioned
by PHFA is the addition of findings on the special topics of
manufactured housing, lead water infrastructure, rural housing, and
broadband access.
The report is rich with insights about the state of the
commonwealth's housing resources and the trends underway. A
sampling of key findings in the report includes:
- During the pandemic, in 2020, households of color were twice as
likely as white households to be behind on their rent. By 2022,
that situation had worsened.
- The supply of low-cost rental units is shrinking proportionally
to the supply of rental units. In 2010, 25% of rental units rented
for below $750 in 2022 dollars – in 2022, 23% of units have rents
this low.
- From 2012 to 2022, the share of mortgages going to racial and
ethnic minorities increased dramatically from 11% to 22%.
- Homeownership has fallen since 2010, when there were 2.49
owner-occupant households for every renter household. Meanwhile,
the number of people choosing to rent has also been on the rise,
increasing from 1.47 to 1.64 million participating households.
- More households at the bottom of the income spectrum, and fewer
households at the top, are experiencing a housing cost burden than
equivalent households did in 2010.
- Of the total population of renter households, 48% are cost
burdened, while only 19% of homeowners are cost burdened.
- In 2023, it was estimated that Pennsylvania has 12,556 homeless individuals.
The number of people experiencing homelessness has generally
decreased since 2007.
- Pennsylvania is estimated to
have the 4th largest system of lead water service lines in the
country.
- A third of Pennsylvania's
residents do not have access to broadband.
The 48-page report is filled with charts, tables and in-depth
analysis of the latest housing data about the commonwealth. A
supplement to the report, which is also available online, includes
the most recent county-by-county breakdown of statistics and
insights pertaining to housing.
The full Pennsylvania Comprehensive Housing Study, the
Pennsylvania Housing Data Explorer, the 19-page special topic
report, and the 67 county profiles are all conveniently and freely
available on the PHFA website at
https://www.phfa.org/housingstudy/.
About PHFA
The Pennsylvania Housing Finance Agency works to provide affordable
homeownership and rental housing options for older adults, low- and
moderate-income families, and people with special housing needs.
Through its carefully managed mortgage programs and investments in
multifamily housing developments, PHFA also promotes economic
development across the state. Since its creation by the legislature
in 1972, it has generated more than $17.9
billion of funding for more than 196,750 single-family home
mortgage loans, helped fund the construction of 103,328 rental
units, distributed approximately $289
million to support local housing initiatives, and saved the
homes of more than 50,860 families from foreclosure. PHFA programs
and operations are funded primarily by the sale of securities and
from fees paid by program users, not by public tax dollars. The
agency is governed by a 14-member board.
Contact: Scott Elliott
717-649-6522 (cell)
selliott@phfa.org
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SOURCE Pennsylvania Housing Finance Agency