{"id":25643,"date":"2023-06-21T17:34:03","date_gmt":"2023-06-21T21:34:03","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/nearly-22-million-households-spend-more-than-they-can-afford-on-rent-harvard-report-says\/"},"modified":"2023-06-21T17:34:05","modified_gmt":"2023-06-21T21:34:05","slug":"nearly-22-million-households-spend-more-than-they-can-afford-on-rent-harvard-report-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25643","title":{"rendered":"Nearly 22 million households spend more than they can afford on rent, Harvard report says"},"content":{"rendered":"
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The number of cost-burdened renters \u2014 or people who spend more than the recommended 30% of their income on housing each month \u2014 is at a record high as affordability declines nationwide, according to a\u00a0report\u00a0from Harvard University\u2019s Joint Center for Housing Studies published Wednesday.<\/p>\n

In 2021, the report said, there were a record 21.6 million cost-burdened renter households in the U.S., increasing by 1.2 million from 2019\u2019s pre-pandemic levels to hit the highest recorded level since 2001. And while the\u00a0share<\/em>\u00a0of cost-burdened renter households had previously been declining, that trend also turned around during the pandemic: 49% of renter households were cost-burdened as of 2021, inching toward the Great Recession-era peak of 51% in 2011.\u00a0<\/p>\n

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Read more:<\/strong> Home buyers now need $117,100 in annual income to afford a median-priced home, Harvard report says<\/p>\n

The jump in the number of cost-burdened households during the pandemic was driven by households that would be considered \u201cseverely\u201d burdened, or those spending more than half of their income on rent. Some 11.6 million U.S. households fell into that category in 2021, up by 1.1 million households from 2019. <\/p>\n

\u201cWith such high housing costs, many households with lower incomes may struggle to pay for other necessities like food, clothes, and healthcare, which have become more expensive as inflation has risen,\u201d the center said in its annual \u201cState of the Nation\u2019s Housing\u201d report. \u201cIn 2021, the median renter and homeowner households with incomes under $30,000 had just $380 and $680 per month, respectively, after paying for housing to cover other necessities \u2014 the lowest residual incomes in two decades.\u201d<\/p>\n

Renters with low incomes and Black and Hispanic renters are more likely to be cost-burdened, the report said. <\/p>\n

Spending too much of one\u2019s income on rent can be disastrous, leaving already-vulnerable households with little wiggle room for emergencies. Rent-burdened families may be at higher risk for eviction, and a\u00a02018 study sponsored by Zillow found\u00a0homelessness increases faster in communities where renters spend 32% or more of their income on housing. <\/p>\n

So far, \u201coverall homelessness has remained steady,\u201d the Joint Center for Housing Studies report said, though unsheltered homelessness has worsened.<\/p>\n

Yet \u201cthe nation continues to face critical housing challenges,\u201d the report added. \u201cThere is a significant housing shortage, and affordable housing programs pale in comparison to the need. Housing insecurity and homelessness are on the rise as pandemic-era programs expire. The existing housing stock requires investment to meet the needs of an aging population and to address climate change. Meanwhile, racial segregation and inequities persist. Programs and policies at the federal, state, and local levels are making incremental progress toward addressing these various challenges, but more resources are needed.\u201d<\/p>\n

Rents surged to new highs in\u00a0some big cities\u00a0earlier in the pandemic, fueling inflation, though that price growth has since slowed considerably. Even so, many renters are still facing higher-than-normal prices when compared to pre-pandemic levels, and may not be able to graduate to homeownership anytime soon due to increasing costs there, as well. <\/p>\n

And finding a place to rent may continue to be especially difficult for lower-income tenants, as new housing construction has been targeted at \u201cthe high end of the market,\u201d the report said, even as the number of units affordable to people making very low incomes has declined.\u00a0<\/p>\n

\u201cThe market has lost 3.9 million units with contract rents below $600 in the last decade, and the loss has been accelerating,\u201d the report said. \u201cThis low-rent segment declined by 1.2 million between 2019 and 2021 alone, to 8.0 million units.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of cost-burdened renters \u2014 or people who spend more than the recommended 30% of their income on housing each month \u2014 is at a record high as affordability declines nationwide, according to a\u00a0report\u00a0from Harvard University\u2019s Joint Center for Housing Studies published Wednesday. In 2021, the report said, there were a record 21.6 million […]<\/p>\n","protected":false},"author":1,"featured_media":25644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-25643","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNearly 22 million households spend more than they can afford on rent, Harvard report says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The number of cost-burdened renters \u2014 or people who spend more than the recommended 30% of their income on housing each month \u2014 is at a record high as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25643\" \/>\n<meta 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