Half of US Renters Spend Over 30% of Income on Rent, Study Says
Summary from the AllSides News Team
A report by Harvard’s Joint Center for Housing Studies found that half of all U.S. renters were “cost burdened,” meaning they “spent more than 30 percent of their income on rent and utilities.”
Key Quote: The report also stated, “Alarmingly, the number of severely cost-burdened renter households—those spending more than half of their income on housing and utilities—also hit an all-time high of 12.1 million in 2022, a full 1.5 million households above pre-pandemic levels.”
‘Rents are cooling off’: An analysis from CNN Business (Lean Left bias) noted that median rent was 22% higher than in 2019, but also discussed “relief” from an eight-month decline in rents, thanks to “an increase in the construction of multiple-unit buildings.”.
‘Bidenomics has been a disaster’: An op-ed in the Washington Examiner (Lean Right bias) used the report as evidence that lower-income households were suffering under President Joe Biden, blaming Biden, zoning laws, and Democrat-supported “climate hysteria” for creating a housing market that benefitted elites.
‘Americans outraged’: A Newsweek (Center bias) analysis cited the Harvard report and other data to highlight the state of rental housing affordability. Noting that “roughly 60 percent of all Americans rent,” Newsweek also quoted a renter who called landlords’ post-COVID rent hikes “disgraceful.”
Featured Coverage of this Story
From the Center
Americans Outraged Over Rent Hikes: 'Legal Thievery'
Americans are calling out decisions by landlords to raise rent prices as inflation remains high and the country faces an uncertain economy.
Landlords routinely increase rent prices because of inflation and changing housing and rental markets. However, the last few years have been especially difficult on renters, and the uptick in prices often forces people to moves in search of better prices or get priced out of the market.
Roughly one-quarter of American renters said they can no longer afford to pay their rent, and around one in five said they'll have to...
From the Left
Half of US tenants can’t afford to pay their rent. Here’s what’s ahead
Half of renters in the United States have found themselves paying more than they can afford, following years of surging rents. But an increase in the construction of multiple-unit buildings has boosted the supply of apartments, which is slowly beginning to rein in runaway rents.
Nationally, rents declined annually in December for the eighth straight month, according to Realtor.com’s monthly report. The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak.
However, median rent is still $309 higher than the same...
From the Right
Housing now unaffordable for a record half of all renters thanks to Bidenomics
People are divided into two economies right now. For the elite, defined as those living in urban areas with a postgraduate degree making at least $150,000 a year, the economy under President Joe Biden has been great. Seventy-four percent of such voters tell pollsters their personal finances are getting better.
For the rest of America, Bidenomics has been a disaster, with just 20% saying their finances are better than before compared to 40% who say they are getting worse and another 40% who say they have stayed the same.
In no area is this divide more apparent than...
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