In the middle of heated debates about how to fix America’s housing crisis, one type of housing keeps things quietly running in the background: NOAH, or Naturally Occurring Affordable Housing.
You probably pass these buildings every day aging apartments, duplexes, even mobile home parks providing affordable rent with no strings attached. No subsidies, no vouchers. Just older housing stock that happens to be affordable because of age, condition, or location.
And it’s disappearing.
NOAH stands for Naturally Occurring Affordable Housing the rental housing that’s affordable not because of subsidies, but because it’s older, simpler, and often overlooked. Think: the 1970s garden-style apartments, duplexes with dated kitchens, or modest mobile home parks where rents are low simply because the buildings are… well, old.
No rent caps. No Section 8 vouchers. Just market forces making certain units accessible to low- and moderate-income families. These are homes for people who don’t qualify for assistance, but still can’t afford $2,000/month for a new one-bedroom.
It’s the aging housing stock that just works for working people.
Here’s the big surprise: About 75% of America’s affordable rentals are NOAH. For every income-restricted apartment built with public funds, three are just naturally lower-cost rentals.
But there’s a catch: NOAH is vanishing.
In 2011, there were nearly 12 million units renting below $600. A decade later? Only 8 million remained. That’s a loss of 4 million affordable homes gone not because people moved out, but because the buildings were flipped, redeveloped, or upgraded into luxury housing.
This is like watching affordable housing evaporate in real time.
It’s a classic case of market gravity.
As neighborhoods become more desirable (a new light rail stop, a tech office opening), older buildings get snapped up by investors who renovate and raise rents. That 1980s walk-up might go from $750/month to $1,300/month after “modernization.”
This process sometimes called “up-filtering” turns NOAH into unaffordable housing. Fast.
The sad irony? While we fight to build more affordable housing (a process that can cost $300,000+ per unit), we’re losing cheaper units every time a NOAH complex is upgraded out of reach.
NOAH is the backbone housing for a vast segment of Americans:
They often earn too much to qualify for subsidies, but not enough to thrive in today’s housing market. For many, NOAH is the difference between living in their community—or being priced out entirely.
NOAH isn’t always obvious but there are signs:
These properties are often hiding in plain sight affordable not because they’re designed to be, but because they’ve flown under the radar.
Preserving NOAH is often faster and cheaper than building new units. Here’s how cities, nonprofits, and even health insurers are stepping up:
1. Acquisition Funds
Cities like Minneapolis and Charlotte have launched funds to buy NOAH buildings before investors do, keeping them affordable for the long haul.
2. Rehab + Affordability Incentives
Programs offer low-interest loans or tax breaks to landlords who keep rents low in exchange for help fixing aging properties.
3. Right of First Refusal Laws
In places like D.C., tenants or nonprofits get first dibs when a NOAH property hits the market.
4. Rent Stabilization (Lite)
Moderate caps on rent increases can help slow displacement while longer-term solutions are pursued.
5. Healthcare Investments
Believe it or not, health insurers like UnitedHealth and Kaiser are investing in NOAH preservation because stable housing means healthier (and cheaper) patients.
If we’re serious about housing affordability, we can’t just build our way out of the crisis. We need to protect what’s already working the naturally affordable apartments, duplexes, and homes that quietly house millions of Americans.
That means getting ahead of the speculators, supporting small landlords who want to keep rents fair, and bringing healthcare and housing leaders together to create smart, sustainable solutions.
Think of NOAH like a neighborhood’s old tree canopy. It’s not shiny or new. But it provides shade, stability, and continuity. And once it’s cut down, it takes decades to replace.
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