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cost burden, a lack of affordable housing, and housing segregation —all in the face of limited <br />public financial resources. <br />Growing need t0preserve our existing housing stock <br />As the region's housing ages, more and more of it is ready for reinvestment. Roughly half of <br />our total housing stock is 40ye8ro 0|d or more. An aging multifamily housing stock, including <br />a large number of rental apartments built in the 1960s and 1970s, is ready for reinvestment. <br />This is needed both to ensure structural integrity and to meet the housing preferences of <br />households today and inyears tocome. Single-family homes may have greater longevity <br />than multifamily buildings in general, but they also require additional investment to remain <br />stable and desirable. Many of these aging units have become more affordable but may not <br />be viable. <br />Figure 7:Units with Serious Maintenance Problems <br />ulfiflimily <br />Single-family <br />Built lbefoire <br />1960 <br />Built 1990 <br />to 1979 <br />Built 10 <br />TI <br />0 <br />Built 1005 <br />mranmr <br />Source, V�Census Bureau, American Housing Survey 2013Metropolitan Public Use File' <br />Over 490,000single-family units and nearly 119,000multifamily units have aserious <br />maintenance problem, such 8Swater leaks 0rholes inthe floors. Ofparticular concern are <br />roughly 180,000oing|e-farni|y units and roughly 35,000 multifamily units built before 1900; <br />many of these units have aged into affordability but are at risk of functional obsolescence. <br />While multifamily units are |eoo likely to have aoeriouo maintenance problem than <br />single-family units, they are important to maintain given the expected preferences of <br />future households. <br />Additionally, there are over 87,000newer units (those built in1995orafterward) with a <br />serious maintenance problem. Preventing these units from further deterioration will help <br />preserve the housing as it becomes more affordable with age. <br />Rising housing cost burden <br />Housing cost burden is an indicator of housing costs as a percentage of household income. <br />Households that spend 30% or more of their household income on housing costs are <br />considered "housing coot burdened.~ Households paying more than 50% of their household <br />income on housing are considered to be facing "severe housing cost burden." Since 1980, <br />ONE� HoushigmmrmGrowing, 7hrivinqgegion <br />