Despite being said to be a boom in apartment building, US tenants have barely eased due to high housing costs, reported Patrick Sisson of Bloomberg City Love.
According to the Harvard University Housing Research Center’s annual Housing Housing Report, “Some tenants in the country face significant cost burdens have reached record levels. Today, 65% of working-age renters are unable to cover non-housing expenses after housing costs.
The situation for low- and middle-income renters could get worse as the federal government advances in reducing federal housing assistance programs. According to Alexander Herman, senior research associate at Harvard University, “The challenges of affordability have never been greater and the private housing market is not serving those households, so this is essentially the worst time to cut housing assistance for low-income households.”
The number of Americans spending more than 30% on their homes is considered to be struck by rent, reaching a record high of 22.6 million in 2023, with 83% of Americans earning rents of less than $30,000 a year. “But people with higher salaries are similarly affected. 45% of Americans earn between $45,000 and $74,999 a year, which means twice the rent burden in 2001.”
The number of housing units rented at low cost is declining, but between 2013 and 2023, “rentals over $2,000 will triple or triple.” Beyond rent, some housing-related costs have become more expensive. Consumers’ electricity costs increased by 4.5%.
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