Good afternoon. Thanks for joining me for today's 1,553-word edition (6 minutes) that takes a closer look at the housing crisis and its impact on homelessness around the country.
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Illustration: Sarah Grillo/Axios
Homelessness is on the rise in many of America's biggest and most expensive cities — but it's a growing problem in rural areas, too.
Why it matters: People experiencing homelessness are often harder to count in rural areas, and they have a harder time accessing support programs in small towns with fewer resources.
Jobs continue to shift to cities, making life harder for people already struggling to find work and affordable housing.
"The long-term trend is that people are leaving rural areas and moving to cities. In rural areas, there are fewer jobs and less income. It's not necessarily that housing options are so expensive, it's that job opportunities simply aren't there."— Steve Berg, vice president for programs and policy at the National Alliance to End Homelessness
By the numbers: One-third of rural Americans say homelessness is a problem in their community, according to a May poll by NPR, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health.
Homelessness is often more hidden in rural areas than in cities.
Zoom in: Overall, 4,079 homeless people were counted in Kentucky in a 2019 national survey, the last single-night survey of homeless people for which data is available. That's a 10.6% increase over the January 2018 national count, per HUD data.
Eastern Kentucky has been hit hard by the loss of coal mining jobs and a dwindling number of service-sector jobs.
The rent is too damn high across huge swaths of conservative states, and it's getting worse fast, per Axios' Justin Green.
The big picture: “The lowest-income people have always had an absurdly high cost of living,” Whitney Airgood-Obrycki, a research associate at Harvard's Joint Center on Housing Studies, which produced the report with the above data, told Bloomberg.
Illustration: Aïda Amer/Axios
Axios' Rashaan Ayesh writes: On any given night, one in four of the nation's more than 216,000 homeless women is driven to the streets because of domestic violence, according to the National Center on Family Homelessness.
Why it matters: There is a growing national effort to address homelessness, but access to services that deal with both issues is complicated. Domestic violence is often addressed separately, even though the two struggles are often intertwined, the NCFH writes.
By the numbers:
The big picture: Domestic violence and homelessness are also intertwined with mental health.
The state of play: Domestic violence is common among all socioeconomic levels, but it most prominently affects poor women, per the NCFH.
PropertyClub, an apartment rental service, used Zillow data to calculate which cities saw the greatest percentage rent increases between 2010 and 2019.
One America Works, a nonprofit organization that helps high-growth companies find the right cities for expansion, received a $1 million grant over two years from the Richard King Mellon Foundation.
Why it matters: While the dollar amount isn't huge, it shows an increasing interest in strategically spreading economic opportunity to new places.
How it works: One America Works piloted its program in Pittsburgh in 2019, after an initial $250,000 grant from the RK Mellon Foundation.
The goal is to expand the "New Growth Playbook" into more cities and build a pipeline of companies interested in expanding there. Contenders include Columbus, Indianapolis, Nashville and St. Louis.
The big picture: McKenna said he started One America Works last year to "get more companies to see the value in accessing new talent, lowering cost and increasing opportunity in more places."
"Imagine if we had 20 other cities besides the three to four we have now that were legitimate destinations for the tech workforce," he said. "That changes the whole country."
Illustration: Sarah Grillo/Axios
A majority of millennials feel behind financially and are not optimistic about their financial future, according to a new survey from Bank of America.
Why it matters: Millennials are nearly twice as likely as baby boomers to worry often about their finances. Homeownership tops the list of anxieties — 20% say not being able to afford a home is the top financial stressor.
Of millennials with savings, 32% are saving to buy a first or a different home.
Yes, but: Debt a big hurdle. Excluding home loans, 16% of millennials owe $50,000 or more. 42% say debt is keeping them from buying a first or nicer home.
That's forcing a practical mindset, per the survey.
One surprising thing: One-quarter of millennials have at least $100,000 in savings, which is a 16% increase from two years ago, per the survey.
As many as eight Atari-branded hotels will pop up around the country, with the first one breaking ground in Phoenix this year.
“I like rebooting stuff from the '80s from when I was a kid, and I thought it would be so cool to do real estate. Experiential is really popular right now."— Phoenix entrepreneur Napoleon Smith III, who's pulled off other old-school brand reboots like Teenage Mutant Ninja Turtles, told the Business Journal.
Among the hotel's amenities: An esports studio, gaming playground and a movie theater. Guest rooms will come with enough bandwidth for multiple people to stream and play online games during their stay.
Tell a friend or colleague to sign up here.
Have a great week!