Posted on 07/11/2023 9:01:13 AM PDT by millenial4freedom
A record number of American renters are spending at least one-third of their income on rents, according to 2023 The State of the Nation's Housing published by Harvard's Joint Center for Housing Studies. A total of 21.6 million households now spend more than 30% of pre-tax income on rent. Some households are even paying even up to 50% of earnings on apartments, per Harvard’s research. Housing experts often suggest tenants spend less than 30% of income on rent.
“Housing costs remain well above pre-pandemic levels thanks to the substantial increases over the last few years,” Daniel McCue, senior research associate at the Joint Center, said in the 2023 report.
Why? In large part due to the growth of so-called "luxury" buildings that have replaced less expensive options. In the last two decades, the share of construction for high-priced apartments - known as Class A - grew faster than more affordable ones. In fact, over half - or 51% - of 2022 rental construction projects were luxury apartments, according Moody’s Analytics data. Also: Only 34% of the market was consisted of high-cost rental units back in 2000; that number was 51% in Q1 2023, per Moody's.
(Excerpt) Read more at finance.yahoo.com ...
If you make $20/hr in California you can pay for a 1 bedroom apt. After utilities and a little food you have nothing left.
2,080 work hours in a year x 20 - taxes = nothing left over.
Hi.
If you double the rent charged, it’s rough for families to adapt in the near term. Add to that inflation in the grocery store of 20% cummulative, bills go unpaid, cards max out etc.
Sucks.
5.56mm
Right, they care so much about the people.
How could this have happened? 🤔
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