Preserving Affordable Rental Housing in Silver Spring
The following entry was submitted by Maria Markham. She raises an important issue about the changing face of our community: who can afford to live here? Who is getting priced out? What do you think? — Eric Bond, editor
by Maria Markham
As housing prices skyrocket in the greater Silver Spring area, more and more families are finding it hard to pay the rent. And with more than 59 percent of Silver Spring residents renting according to the 2005 American Community Survey, the County Council needs to take immediate action to preserve affordable rental housing.
Since the late 1990s, Silver Spring has been losing affordable rental units, consistent with a national trend of rapidly disappearing rentals at the low end of the market. The situation is further compounded by rent increases. Between 2001 and 2005, rents increased by over $3,750 annually. The 2005 American Community Survey also shows that renters spend a disproportionate amount of their income on housing with 45 percent paying 30 percent or more of their income for housing. And we know that the situation is even worse for low-income households who can spend more than 50 percent of their earnings on housing.
Continue reading "Preserving Affordable Rental Housing in Silver Spring" »