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Using Digital Tech And Payments To Solve The Affordable Housing Crisis

Access to affordable housing is hard to find in the U.S. According to research from Harvard University, in 2016, nearly half of renters were cost-burdened — or spending more than 30 percent of their annual incomes on rent and utilities. In 1960, that figure was at 20 percent. According to National Low Income Housing Coalition findings, the share of American renters in any U.S. county working full-time (40 hours per week) in a minimum wage job who can “afford a two-bedroom rental home” without being cost-burdened is effectively 0 percent.

While affordable units and properties do exist, even in major metropolitan areas, they can be astonishingly difficult to access, Haven Connect Founder Caroline Caselli told PYMNTS in a recent conversation. Nearly all affordable housing stock has a waiting list attached, and those waits can be incredibly long. The average wait time is around two years, but they are known to stretch to five, seven and even 10 years at time.

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