A recent report from the Joint Center for Housing Studies of Harvard University revealed that in 2022, a record number of U.S. renters, particularly those with lower incomes, were burdened by high rent and utility costs, with nearly half of them paying more than 50% of their income.
The situation has worsened across all income categories, including for those earning $30,000 to $74,999 annually.
Additionally, the influx of migrants has been linked to increased housing costs, and rising grocery prices have added to financial strain for households.
“We actually saw increases across every single income category that we look at, which sort of surprised us,” research associate Whitney Airgood-Obrycki said.
This comes amid ongoing economic challenges in President Biden’s administration.
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