Rising Rent Woes: Harvard Study Reveals Record Struggles for Americans

A record number of American renters, totaling 21.6 million households, are spending at least one-third of their income on rent, with some paying up to 50% of earnings on apartments, according to a Harvard study. The growth of luxury buildings and a lack of affordable options have contributed to the rising housing costs. The share of construction for high-priced apartments has increased, while the availability of lower-cost housing remains limited. Historically low rental vacancies further exacerbate the lack of affordable choices for households. The trend of luxury rental expansion is expected to continue, making it challenging for middle-income renters to find affordable options.