(US MEDIA GROUP) – A recent study by the Joint Center for Housing Studies of Harvard University has found that a growing number of households in the United States are struggling to pay rent and keep a roof over their heads.
According to the study, in 2022, a record half of renters in the country were paying more than 30% of their income towards rent and utilities. This is known as being “cost-burdened” and can have a significant impact on a family’s financial stability. Nearly half of these households were found to be extremely cost-burdened, paying over 50% of their income towards rent.
“We actually saw increases across every single income category that we look at, which sort of surprised us,” said Whitney Airgood-Obrycki, senior research associate with the center and the report’s lead author, in an interview with NPR.
The study found that the largest increase in unaffordability was for households with an annual income between $30,000 and $74,000. This group experienced a significant leap in the percentage of their income going towards rent and utilities.
For those with full-time jobs, the burden was also high. The study found that a third of all renters were living under cost-burdened conditions. And for those making less than $30,000 a year, a staggering 83% were facing the burden of high rent.
At the same time, the U.S. is also facing record-high homelessness rates. Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, spoke with NPR about the correlation between rising rent costs and homelessness.
“We simply don’t have enough homes that people can afford,” said Olivet. “And when you combine rapidly rising rent – that it just costs more per month for people to get into a place and keep a place – you get this vicious game of musical chairs.”
The shortage of affordable housing in the country is not a new issue, but the new report sheds light on the worsening situation for renters. Experts are calling for action to address the rising housing costs and provide support for families struggling to keep up with rent payments. Unless changes are made, the cycle of homelessness and financial strain for renters is likely to continue.