We
just learned America’s rental affordability crisis is as bad as it’s
ever been. Unfortunately, it’s about to get a whole lot worse.
The American Community Survey for 2014, released a few weeks ago, found that the number of renters paying 30 percent or more of their income on housing – the standard benchmark for what’s considered affordable – reached a new record high of 20.7 million households, up nearly a half-million from the year before. Despite the improving economy, the increase was nearly five times bigger than last year’s gain.
That means about half of all renters live in housing considered unaffordable. And the latest increase comes on top of substantial growth since 2000 that has seen this number climb by roughly six million households over the period, an increase of about 41 percent.
Related: More Americans Struggling to Pay the Rent
The American Community Survey for 2014, released a few weeks ago, found that the number of renters paying 30 percent or more of their income on housing – the standard benchmark for what’s considered affordable – reached a new record high of 20.7 million households, up nearly a half-million from the year before. Despite the improving economy, the increase was nearly five times bigger than last year’s gain.
That means about half of all renters live in housing considered unaffordable. And the latest increase comes on top of substantial growth since 2000 that has seen this number climb by roughly six million households over the period, an increase of about 41 percent.
Related: More Americans Struggling to Pay the Rent
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