Millions of Americans struggle with high housing costs, or, worse, find themselves at risk of losing their homes altogether. Even before the coronavirus, nearly a third of U.S. households spent more than 30% of their income on housing — the widely accepted gauge of affordability — with low-income households and renters the most likely to face high expenses, according to the Aspen Institute.
Why affordable housing is more crucial than ever
With the coronavirus leaving more Americans struggling to afford a home, these nonprofits are working to provide housing in their communities.
Nearly half of Black and Hispanic-Latino households are cost-burdened, compared with about a third of White households.footnote1 Now the economic fallout from the health and humanitarian crisis has led many to fall behind on rent or mortgage payments.
As nonprofits adjust to addressing increased needs in their local communities, Bank of America is committed to supporting them. Learn more about the bank’s efforts to help local communities address critical needs their residents are facing, from career development, to supporting small businesses, to advancing racial equality and economic opportunity.