Thursday, January 14, 2016
LACK OF AFFORDABLE HOUSING STRAINS FOOD BUDGETS
More and more people are being priced out of cities because of skyrocketing rents—says new research from Harvard. Between 2001 and 2014, real rents rose 7% while household incomes fell by 9%. In combination, these trends pushed the number of renters who spend more than 30% of their income for housing (burdened) up from 14.8 million to a new high of 21.3 million. Even worse, the number of these households who pay more than half of their income for housing (severely burdened) jumped from 7.5 million to 11.4 million, also setting a record. Overall, 49% of renters were burdened in 2014, including 26% with severe burdens. The consequences to those who are severely burdened are far-reaching. In 2014, low-income households who spent more than half their incomes for housing spent 38% less on food and 55% less on healthcare.
Source: Harvard Joint Center for Housing Studies, 12/9/15, Renters' Budgets