It's no secret that Washington, D.C., is one of the most expensive cities in the country, but according to a new study, the affordable housing options that remain are slowly disappearing, leaving many residents struggling to pay to live in the nation's capital.
From 2002 to 2013, the number of apartments renting for less than $800 in the District dropped from almost 60,000 to 33,000, the D.C. Fiscal Policy Institute reports.
With few affordable options available and income levels staying about the same, one in four renters in the District spends more than 50 percent of their income on rent -- a cost the U.S. Department of Housing and Urban Development considers “a severe housing burden."
That burden leads to households spending less on basic necessities, including food, healthcare, transportation and retirement savings, according to the D.C. Fiscal Policy Institute.
But even those paying higher rents have had to dig a little deeper into their pockets. From 2002 to 2013, the number of apartments costing more than $1,400 increased from 28,000 to 73,000.
Last year, D.C. Council passed legislation pledging $100 million a year to the Housing Production Trust Fund, the district's largest locally funded housing program.
But the city should also come up with a strategy that promotes the construction of affordable units, preserves existing units and funds housing vouchers for low-income residents, the D.C. Fiscal Policy Institute says.
