Unaffordable Housing and its Impact on the Lives of Homeless
In 2022, there were an estimated 582,000 homeless Americans. A report published by Homebay sheds light on the correlation between expensive housing and the rate of homeless people across the US. Data collected across the 50 largest metropolitan cities suggested that cities with houses valued higher than the national average had the highest rate of homeless people. Meanwhile, cities with houses valued below the average value had 2.5 times fewer homeless people. The lack of affordable housing directly increases the demand for housing, giving landlords and corporations opportunities to raise rents and exploit low-income families.
Low-income families and workers face the most difficulty in finding affordable housing. The National Low Income Housing Coalition reported that a full-time worker must earn $21.25 per hour to be able to afford single-room housing in the US. This is termed the 'housing wage' required if a person wants to spend less than 30% of their total income on housing costs. The high cost of living coupled with out-of-reach rents have made it impossible for an average low-income family to survive, resulting in an alarmingly high number ending up homeless.
Dr. Ken Chilton of Tennesse State University published a study on the impact of REITs on the housing market. It highlights how REITs in the US are rapidly replacing landlords by taking over low-income housing areas. They increase rents and those often make 50%-70% of the total income of poor families in the area, increasingly leading to homelessness. On the other hand, certain REITs are working to combat homelessness through affordable housing and even by raising funds to provide shelter and support to the homeless.
Companies Making Efforts to Cater to the Homeless
AvlonBay Communities, Inc (NYSE:AVB) is an equity REIT that provides permanently affordable housing for the homeless community, especially the disproportionately affected people of color. The company develops, constructs, and manages affordable housing across the US. On October 10, 2023, AvlonBay Communities, Inc. (NYSE:AVB) reported earnings for the fiscal third quarter of 2023. The company reported an FFO of $2.66 and beat estimates by $0.03. AvlonBay Communities, Inc.'s (NYSE:AVB) revenue for the quarter grew by 4.79% and amounted to $695.70 million, ahead of market consensus by $2.62 million.
Vornado Realty Trust (NYSE:VNO) funds and supports the Homeless Assistance Fund powered by the Partnership for New York City, an initiative to provide housing and supportive care to the homeless. On December 4, 2023, Vornado Realty Trust (NYSE:VNO) announced the 15-year lease renewal and expansion of its 280 Park Avenue property in Manhattan. The building is co-owned by Green Realty Corp (NYSE:SLG), one of Manhattan's largest REITs. The property was fully expanded, redeveloped, and modernized by the two entities with a special emphasis on environmental sustainability.
UMH Properties, Inc. (NYSE:UMH) has a long track record of offering affordable housing in communities, by manufacturing housing that can be leased at reasonable rates. On January 10, UMH Properties, Inc. (NYSE:UMH) declared a quarterly cash dividend of $0.205 per share, payable on March 15, to shareholders of record on February 15. As of January 18, UMH Properties, Inc. (NYSE:UMH) has a forward dividend yield of 5.41%.
25 US Cities with the Highest Homeless Population Per Capita
Photo by Jon Tyson on Unsplash
Methodology
To shortlist the 25 US cities with the highest homeless population per capita, we referred to the 2022 report published by the City Mayors Society. We have analyzed the data provided for 32 US cities with the highest homeless population per 100,000 residents and shortlisted the top 25 US cities. The data collected is based on the rate of rise and fall of homelessness in each city between 2014 and 2018. The US cities with the highest homeless population per capita have been ranked in ascending order of the number of homeless people per 100,000 residents in 2018.
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25 US Cities with the Highest Homeless Population Per Capita
25. Sacramento
Homeless People per 100,000 Residents: 154
Sacramento ranks 25th on our list of the US Cities with the highest homeless population per capita. It offers a blend of scenic outdoors and has a rich history that residents and visitors can explore. There were approximately 154 homeless people per 100,000 residents in Sacramento.
24. St. Joseph
Homeless People per 100,000 Residents: 161
St. Joseph, Missouri, is also one of the top US cities with the highest homeless population per capita. Situated alongside the Missouri River, it offers diverse wildlife and has scores of scenic views. St. Joseph had 161 homeless people per 100,000 residents.
23. Topeka
Homeless People per 100,000 Residents: 175
Situated in the state of Kansas, Topeka is a culturally diverse city offering various activities for families and sole travelers too. There were an estimated 175 homeless people per 100,000 residents in Topeka.
22. Battle Creek
Homeless People per 100,000 Residents: 175
Battle Creek, is an uncommon city in Michigan state. It is nicknamed the 'Cereal City' as the famous Kellogg's cereals originate from Battle Creek. There were 175 homeless people per 100,000 residents in Battle Creek.
21. Denver
Homeless People per 100,000 Residents: 181
Denver, in the state of Colorado, is situated in the mountains. The city offers scores of bike trails and hiking trails for nature enthusiasts and also has other urban attractions. There were 181 homeless people per 100,000 residents in Denver.
20. Visalia
Homeless People per 100,000 Residents: 208
Ranking 20th on our list of the 25 US cities with the highest homeless population per capita is Visalia. Situated in the state of California, the city is known for its agriculture and natural scenery. There were 208 homeless people per 100,000 residents in Visalia.
19. Colorado Springs
Homeless People per 100,000 Residents: 210
Colorado Springs ranks 19th on our list of the 25 US cities with the highest homeless population per capita. The city is famously known as the home to many US Olympic players in the past. There were 210 homeless people per 100,000 residents in Colorado Springs.
18. Fresno
Homeless People per 100,000 Residents: 216
The city of Fresno is found in the middle of the Central Valley in the state of California. The city is famous for its vineyards and agricultural heritage. There were 216 homeless people per 100,000 residents in Fresno.
17. Spokane
Homeless People per 100,000 Residents: 217
Spokane is situated in the eastern hills of the state of Washington. There were 217 homeless people per 100,000 residents in Spokane.
16. Stockton
Homeless People per 100,000 Residents: 224
Stockton ranks 16th on our list of the 25 US cities with the highest homeless population per capita. There were 224 homeless people per 100,000 residents in Stockton, in the state of California.
15. Napa
Homeless People per 100,000 Residents: 231
Napa, in the state of California, is world-famous for its scenic wineries and delicious cuisines. There were 231 homeless people per 100,000 residents in the city of Napa.
14. Tallahassee
Homeless People per 100,000 Residents: 236
Tallahassee is the capital of the state of Florida and has a rich Southern history. The city offers many historical sites for history buffs. There were 236 homeless people per 100,000 residents in Tallahassee.
13. Amarillo
Homeless People per 100,000 Residents: 250
The city of Amarillo is situated in the center of the Texas Panhandle, offering a range of scenic routes and diverse cultures. There were 250 homeless people per 100,000 residents in Amarillo.
12. Vallejo
Homeless People per 100,000 Residents: 253
Vallejo City, in the state of California, is situated near the San Francisco Bay. It is best known for its maritime attractions. There were 253 homeless people per 100,000 residents in Vallejo.
11. Reno-Sparks
Homeless People per 100,000 Residents: 254
Reno-Sparks ranks 11th on our list of the 25 US cities with the highest homeless population in the US. Surrounded by the Sierra Nevada mountains it offers several outdoor activities. There were 245 homeless people per 100,000 residents in Reno-Sparks.
10. San Diego
Homeless People per 100,000 Residents: 257
San Diego, in the state of California, ranks 10th on our list of the 25 US cities with the highest homeless population per capita. Famous for its sunny beaches and safari parks, it is a vibrant tourist city. There were 257 homeless people per 100,000 residents in San Diego.
9. Savannah
Homeless People per 100,000 Residents: 259
The city of Savannah is famously known as the 'Hostess City of the South' due to its wide range of tourist attractions. Its Spanish architecture, outdoor activities, and rich history attract many tourists each year. There were 259 homeless people per 100,000 residents in Savannah.
8. San Francisco
Homeless People per 100,000 Residents: 261
San Francisco, also known as 'The City by the Bay', is famous for its Golden Gate Bridge. Besides its many tourist sites, the city is also known for its diverse range of culinary options. There were 261 homeless people per 100,000 residents in San Francisco.
7. Las Vegas
Homeless People per 100,000 Residents: 273
The city of Las Vegas in the state of Nevada is famously known as the 'Sin City'. It is most popular for its entertainment options and nightlife, however, the city also offers some beautiful scenery. There were 273 homeless people per 100,000 residents in Las Vegas.
6. Anchorage
Homeless People per 100,000 Residents: 274
Ranking 6th on our list of the 25 US cities with the highest homeless population per capita is Anchorage. The city is known for its national parks and natural beauty. There were an estimated 274 homeless people per 100,000 residents in Anchorage.
