Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Latest Breaking News

Showing Original Post only (View all)

limbicnuminousity

(1,402 posts)
Thu Jan 25, 2024, 11:22 AM Jan 25

Housing is now unaffordable for a record half of all U.S. renters, study finds [View all]

Source: NPR

Over the past two years, Genuine Campbell was shocked at how rent for her two-bedroom apartment in Philadelphia just kept going up — from $1,300 a month to $1,600. She's a single mom of four, and right as her rent was rising, her hours as a hotel valet were getting cut.

In fact, more such households and many others also now struggle to pay rent, according to a newly released report from the Joint Center for Housing Studies of Harvard University. It finds that in 2022, as rents spiked during the COVID-19 pandemic, a record half of U.S. renters paid more than 30% of their income for rent and utilities. Nearly half of those people were severely cost-burdened, paying more than 50% of their income.

"What we are building is at the high end, because of the increased cost of construction and because we have a lot of demand from higher-income renters," says Airgood-Obrycki. Most new apartments over the last decade have gone for $1,400 a month or higher, "and that's not affordable to the majority of renters."

At the same time, she says the market has lost millions of low-rent units for $600 a month or less. And these trends are continuing a long-term, growing gap in what people can afford. Since 2001, the Harvard report notes, median rents have risen by 21% while the median annual income for renters has risen just 2%.

Read more: https://www.kccu.org/u-s/2024-01-25/housing-is-now-unaffordable-for-a-record-half-of-all-u-s-renters-study-finds



It's the investor class buying up single-family homes.
19 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Latest Discussions»Latest Breaking News»Housing is now unaffordab...