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October 11, 2019

Out of Reach Report with Andrew Aurand

Nationally, the wage required to afford a two-bedroom apartment is $22.96 – much higher than the federal minimum wage of $7.25. For low-wage workers, this means that housing is either out of reach, or takes a disproportionate amount of their income. In this episode, Corey and Steve sit down with Andrew Aurand, vice president for Research at the National Low-Income Housing Coalition and lead author of their annual Out of Reach report. Together, they discuss key findings of the report, take an in-depth look at wages and how that translates to the number of hours of work required to afford housing in each state, and reflect on how affordable housing markets have changed over the past 30 years.

  • Chapter 1: 0:00 - 7:00 – Background and wage versus rental statistics
  • Chapter 2: 7:00 - 16:00 – Trends, community factors and landlord incentives
  • Chapter 3: 16:00 - 22:00 – Natural disasters and housing supply
  • Chapter 4: 22:00 - 24:00 – Hourly wages and racial disparities
  • Chapter 5: 24:00 - 29:16 – The past 30 years and looking ahead

Listen to other episodes in the series.


This podcast is for informational purposes, and is not advocacy, legal interpretation, nor a statement of policy. Reference to any specific product or entity does not constitute an endorsement or recommendation by Freddie Mac unless explicitly stated. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Freddie Mac employees are those of the employees and do not necessarily reflect the view of Freddie Mac or any of its officials.

About the Podcast Hosts

Steve Guggenmos

Steve Guggenmos
VP Research & Modeling

Steve leads multifamily research at Freddie Mac. In this role he performs research related to national and market-specific multifamily conditions. His team supports the multifamily business by developing models and quantitative approaches that determine risk-based capital allocations. The models capture loan level risks and also the benefits of the diversification and structural credit support for pools of multifamily mortgages, supporting the core business strategies of Freddie Mac Multifamily.

Corey Aber

Corey Aber
Senior Director of Mission, Policy and Strategy

Corey is the Senior Director of Mission, Policy and Strategy at Freddie Mac Multifamily. In this role, he oversees our Duty to Serve initiatives as well as research and development activities that further our support for affordable housing and underserved markets nationwide.

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