Renters are increasingly becoming cash-strapped, facing higher rents while their paychecks are shrinking or stagnant, RealtyTrac reports. Nationwide, rents have risen by 6 percent over the last
decade, according to data compiled from Harvard's Joint Center for Housing Studies.Meanwhile,
incomes have plunged, falling 13 percent over that same time period.
More than half of all renters now are devoting 30 percent or more of
their income to paying rent, up from 12 percent a decade ago. Among some of the least affordable rental markets (in which the percent of income spent on rent is 42 percent or more). Coinciding
with the increase in renting, home ownership rates have been falling.
What are your thoughts? Are the rents too high? Will rents fall?
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