Record Number of Renters Struggle with Unaffordable Housing Costs
TL;DR Summary
A Harvard study revealed 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 for renters hit an all-time low in 2022, exacerbated by inflation peaking at 9.1% in July. Although the median asking rent price slightly decreased from its peak, it remains 22% higher than pre-pandemic levels, highlighting the ongoing affordability challenges faced by renters in the US.
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