All articles tagged with #rent burden
Despite a surge in new apartment construction, US renters face record-high costs and increased financial strain, especially among low- and middle-income households, with rent burdens rising and affordability challenges worsening due to high housing and utility costs, and potential federal funding cuts.
A Harvard report highlights that U.S. housing is becoming increasingly unaffordable, with home prices reaching record highs and a significant portion of renters spending over 30% of their income on housing, contributing to rising homelessness and economic strain, especially for low-income Americans.
A Zillow analysis reveals that nearly 60% of Gen Z renters are 'rent-burdened,' spending over 30% of their income on housing, with San Diego, Los Angeles, Sacramento, Orlando, and Miami being the most affected cities. This financial strain complicates long-term financial planning for young professionals. To mitigate costs, experts suggest negotiating rent, finding roommates, and searching for rentals during off-peak seasons. The situation highlights the need for more affordable housing in high-demand cities.
A Harvard University study reveals that over half of Texas renters, totaling 2.1 million households, are burdened by high housing costs, with nearly 1.1 million severely cost-burdened, spending over half their income on rent and utilities. The rise in rents has impacted tenants' ability to afford essential expenses and has contributed to eviction filings and homelessness in major metro areas. Low-income households have been particularly affected, with a significant decrease in affordable rental housing units. With federal rent relief funds drying up and eviction protections expiring, the situation is expected to worsen, leading to increased financial strain and housing instability for many Texans.
A new analysis of 2021 city housing data reveals that one in three households in New York City are spending at least half their income on rent, while 55% are spending about a third of their earnings on housing. The report from the Community Service Society shows that 1.2 million households in the city are considered "rent burdened," with 34% of tenants being "severely rent-burdened." The situation is most dire for the poorest New Yorkers, with 84% of households earning below the federal poverty line being severely rent burdened. The ongoing affordable housing crisis has led to a surge in homelessness and eviction filings, with unpaid rent mounting during the COVID-19 pandemic. The report highlights the need for rent regulations, affordable housing solutions, and increased access to housing vouchers to address the crisis.