A new report by Harvard’s Joint Center for Housing Studies finds that 46 percent of renters in the metropolitan Washington area are cost burdened (spend more than 30 percent of their income on housing). Additionally, 22.4 percent of renters in the area are considered severely cost burdened (spend more than half of their income on housing). (WCP, 7/31)
If that sounds bad, a look at the report’s breakdown of renter-households by income shows that housing costs in the D.C. metropolitan area are, frankly, regressive: 81.2 percent of households that make less than $15,000 a year are cost burdened, while only 9.2 percent of households that make more than $75,000 a year are cost burdened. (An average 70.1 percent of households making between $15,000 and $75,000 a year are cost burdened.)
Among homeowners in the area, the numbers are less severe: A quarter of homeowners have housing cost burdens, and 10 percent have severe housing cost burdens. The median income for this group is $112,000, or roughly double that of renters in the region. Housing costs are regressive for them, too: 93.3 percent of owner households making under $15,000 a year spend more than 30 percent of their income on homes, whereas 11 percent do so among $75,000-and-up-ers.
Bottom line: Living in the D.C. region is increasingly hard to afford. As the report states, “cost-burdened households are forced to cut back on food, healthcare, and other critical expenses.”
WRAG/SOCIAL PROFITS | WRAG president Tamara Copeland revisits the need for a different, more accurate name for what is so commonly referred to as the “nonprofit sector.” Check out why she’s committed to making sure we all update our language to reflect what should be called the “social profit sector.” (Daily, 8/3)
– Faith Mitchell of Grantmakers in Health discusses why it is so important for funders to support long-term, upstream strategies to address lingering inequalities.(HistPhil, 7/27)
– A new study takes a look at the world’s 10 largest private foundations. The Bill and Melinda Gates Foundation and the Li Ka Shing Foundation top the list. (Chronicle, 7/31)
– In one of the largest corporate donations ever made to the arts center, The Boeing Company has announced a gift of $20 million to support the Kennedy Center’s upcoming expansion project. (WaPo, 7/29)
– Mellon Foundation Releases the First Comprehensive Survey on Diversity in American Art Museums (Mellon Foundation, 7/29)
JOBS | Exponent Philanthropy is hiring a new Director of Corporate Partnerships. Click here to learn about this exciting opportunity.
Did you somehow miss Friday night’s blue moon? Don’t fret. Here are some stunning photos from the occurrence.