A growing number of Americans cannot afford to pay their rent as rental property prices hit a record high, researchers said on Friday, amid an outcry over rising evictions and homelessness.
The number of U.S. households living in rentals also surged to 43.7 million in 2018 - up 21% from 2004 - a study by Harvard University found, as a growing share of older, larger families can no longer afford to buy their own homes.
"This is like nothing that we've seen," said Whitney Airgood-Obrycki, the study's lead author, pointing to the rising number of households who are cost-burdened - or spend more than 30% of their income on housing.
Some 21 million U.S. renters are cost-burdened, according to the report - accounting for almost half of all renters - in both urban and rural areas across the country, with minorities disproportionately affected.
Full article here