Low-income households and households of color are especially affected.
The number of cost-burdened renters — or people who spend more than the recommended 30% of their income on housing each month — is at a record high as affordability declines nationwide, according to a report from Harvard University’s Joint Center for Housing Studies published Wednesday.
Read more: Home buyers now need $117,100 in annual income to afford a median-priced home, Harvard report says Renters with low incomes and Black and Hispanic renters are more likely to be cost-burdened, the report said. Yet “the nation continues to face critical housing challenges,” the report added. “There 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.
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