A recent study reveals that approximately half of renters in the United States struggle to afford housing, with the added challenge of a housing shortage exacerbated in part by the ongoing border situation during the Biden administration.
Although the study’s data is from 2022, the economic conditions and housing availability have seen little improvement since then. In fact, rents have continued to increase substantially, compounding the affordability crisis.
According to a recent report by the Joint Center for Housing Studies of Harvard University, an alarming statistic emerged in 2022. A historic 50% of individuals residing in rental properties in the United States were allocating a significant portion of their income towards rent and utilities.
The report further revealed that during the COVID-19 pandemic, as rental costs surged, a substantial portion of U.S. renters, equating to nearly half of them, found themselves severely cost-burdened, paying over 50% of their income for housing and utilities.
Whitney Airgood-Obrycki, the report’s lead author, said, “We actually saw increases across every single income category that we look at, which sort of surprised us.”
From 2019 onwards, the most significant increase in housing unaffordability was observed among households earning between $30,000 and $74,999 annually. Shockingly, even among individuals working full-time jobs, a staggering one-third of all renters continued to face the burden of high housing costs.
BIDEN’S AMERICA: Study Finds Half of Renters in the U.S. Can’t Afford Housing via @gatewaypundit https://t.co/CEw6goy0j6
— The Gateway Pundit (@gatewaypundit) January 26, 2024
Starting in 2019, the most substantial surge in housing unaffordability was witnessed among households with annual incomes ranging from $30,000 to $74,999. Surprisingly, even for those employed in full-time positions, an astonishing one-third of all renters remained challenged by the heavy burden of elevated housing expenses.
The Harvard report highlights a significant increase in homelessness rates in the United States, reaching an all-time high. The Biden administration and housing experts attribute this issue primarily to a critical housing shortage, which has played a substantial role in driving housing costs to unprecedented levels.
Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said, “We simply don’t have enough homes that people can afford. 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.”
