All articles tagged with #rent affordability
The traditional 30% rule for rent affordability is less relevant today, especially in high-cost cities and for very low or high-income earners. Experts recommend creating a detailed budget and considering individual circumstances to determine affordable rent, rather than strictly adhering to the 30% guideline.
A record number of Americans, especially people of color, are struggling with unaffordable rent increases, with 22.4 million renter households spending more than 30% of their income on rent in 2022. Lawmakers at both state and federal levels are scrambling to address the crisis by proposing measures such as eviction protections, zoning reforms, rent increase caps, and significant funding for building more affordable housing. The housing affordability crisis has led to a dramatic rise in eviction filings and homelessness, impacting the long-term well-being of affected households, especially those making less than $30,000.