December 15, 2015
Why Nearly Half of All Renters Can’t Afford Their Rent
Nearly half of renters in the U.S. are struggling to afford their monthly payments.
Experts generally recommend keeping your housing costs around 30% of your monthly income. But the number of “cost-burdened” tenants — those who spend more than 30% of their income on rent — rose to 21.3 million people last year, according to Harvard’s Joint Center for Housing Studies.
Of those, more than 26% are “severely cost burdened” and spend more than half of their income to cover rent.
Here’s the problem: rents are increasing much… + Read More