Each fall and spring, FinMango partners with the University of Virginia’s SEED Consulting group to expand FinMango’s research on a variety of financial health topics.
This semester’s students researched the American housing crisis with specific case studies in New York City (NY), Los Angeles (CA), Portland (OR), McKinney (TX), and McCall (ID).
Housing is defined as ”unaffordable” when rent and utilities exceed 30% of monthly income, known as being cost-burdened. Housing affordability also goes far beyond housing: It affects health, education, and the economy. UVA SEED’s research focused on both the current crisis as well as understanding the long-term impacts on households across urban, suburban, and rural areas.
A huge thank you to Claudia Dean, Shreeya Suresh, Christopher Wang, and Tyler George for their exceptional work throughout the semester.
Here’s a snapshot of their key findings:
53% of Americans spend more than half of their household income on housing
Suburban home prices have increased by 40% since 2020
Rural residents need to earn an annual income of ~$75K to afford a median-priced home — a 105% increase compared to pre-pandemic numbers
49% of American renters are cost-burdened
Young adults are the largest renter demographic, actively searching for solutions to the housing crisis
The key drivers of the housing crisis include: dramatic population increases, supply limitations (construction and zoning laws), and rent increases outpacing wages
18% of Americans are experiencing homelessness
The FinMango team is grateful for the students’ hard work this semester. FinMango has already expanded its resources related to housing affordability, which are publicly accessible:
Finally, a huge thank you to all of the guests who joined FinMango for the students’ virtual presentation at the end of the semester. We had a diverse group of professionals across industries, which made for a thoughtful and insightful discussion. We’re grateful to all for taking the time to offer valuable feedback to the students and support their professional development.
If you’re a professional who’s interested in joining a future UVA SEED x FinMango presentation or connecting with students through virtual networking opportunities, please reach out to the FinMango team at [email protected].
About SEED Consulting: SEED Consulting is a social impact consulting group comprised of 50+ students at the University of Virginia. In affiliation with the McIntire School of Commerce and Batten School of Leadership and Public Policy, their goal is to support the training and professional development of members and facilitate the efforts of budding social entrepreneurs at the University of Virginia. Since 2006, they have provided dozens of clients, for-profit and non-profit, with management consulting and strategic advisory services. Learn more.