Albuquerque has excessive rent-to-income ratios
A Harvard University report released last week shows that Albuquerque is one of the toughest US cities to find affordable housing for renters who are making less money.
According to State of the Nation’s Housing 2015, only seven cities rank higher than the ratio of 34.9 percent of rental costs to Albuquerque’s income. Miami rents 39 percent of its income.
Credit Rashad Mahmood
Cities not in the top 12: New York (26), Chicago (48), San Francisco (60).
Lisa Huval, of the New Mexico Coalition to End Homelessness, said paying more than 30 percent of income for rent and bills increases the risk of becoming homeless if an emergency occurs.
“Let’s say if a car breaks down and they need to fix it so they can get their job and stay in their jobs,” Huval said, “they may not have those funds if they spend a large part of their income on housing output.”
Huval added, “What we really need in this community is more housing that is permanently affordable for very low-income households.”
Income is the mitigating factor. Unless you are making at least $ 30,000 a year, you likely aren’t living comfortably in Albuquerque when you rent.
The big difference between Albuquerque and many other cities – our incomes and rents are lower. But we still pay a large part of that income for rent.
The median household income in Albuquerque is $ 26,700 and the median rent is $ 814, or about $ 10,000 a year. Fresno and New Orleans are in a similar area.