"Record Number of US Renters Struggle with Unaffordable Housing Costs"

A study from Harvard University reveals that a record number of American renters, totaling 22.4 million, are considered "cost burdened," with more than half spending over 30% of their income on housing costs. The median residual income after paying rent has hit an all-time low, exacerbated by a 9.1% inflation rate in July 2022. Although the median asking rent price has slightly decreased from its peak, it remains 22% higher than pre-pandemic levels, highlighting the ongoing financial strain on renters.