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Return to book index Chapter 7 : Systems of Linear Equations and Inequalities
Housing

Housing

In 1990, the Federal government's social welfare program provided $16.6 billion for housing. By 1994, this figure had increased by 64% to $27.3 billion. State and local funding decreased from $2.8 billion to $2.1 billion during the same time period. These funds were used to provide low-income housing assistance, subsidize low-rent housing, assist with interest reduction payments, and provide home investment partnerships. In 1995, the average number of monthly recipients of housing benefits was approximately 5 million. Of these 5 million recipients, about 60% received low-income housing assistance and 28% qualified for low-rent public housing.

In 1997, 189,200 new apartments were completed and made available in the United States. The largest portion of these apartment units (96,100) was available in the southern United States. The Midwest had the highest rate of occupancy (81%) within the first three months. The median asking rent for an apartment in 1997 was $724 per month. Only about 8% of the 189,200 new apartments rented for less than $450 per month.

In 1998, there were a total of 117,282,000 housing units in the United States, of which 13,748,000 were vacant and 103,534,000 were occupied. About 66% of occupied housing units were owner-occupied and 34% were rental units.

In 1997, two thirds of all housing units were single-family dwellings. Multi-unit dwellings consisting of 2 to 4 units represented the next highest category (9.2%). In 1997, the median age of a housing unit was 30 years.