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
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