U.S. in 'Worst Rental Affordability Crisis' Ever: As rental demand grows, soaring rents are taking a bigger bite out of households’ pocketbooks.
About half of renters spend more than 30 percent of their income on rent, up from 18 percent a decade ago, according to newly released research by Harvard’s Joint Center for Housing Studies. Twenty-seven percent of renters are paying more than half of their income on rent. Rising rents mixed with a stunted wage growth has created an affordability problem, the study notes. Between 2000 and 2012, real median rents rose nationwide by 6 percent.However, over that same time period, the real median income of renters fell by 13 percent. Many have plans for home ownership one day: Nineteen out of 20 people under the age of 30 say they intend to buy a home in the future.
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