Why Nearly Half of All Renters Can’t Afford Their Rent

cantaffordrent
Source:: CNN Money

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

 

 

 

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