A recent report from the Joint Center for Housing Studies of Harvard University revealed that almost half of all renters in the United States are struggling to afford their housing costs.
The study found that during the COVID-19 pandemic, a record number of renters paid more than 30% of their income for rent and utilities, with nearly half of them being severely cost-burdened, paying over 50% of their income.
This housing unaffordability has notably increased across various income brackets, with even full-time workers facing challenges.
“We actually saw increases across every single income category that we look at, which sort of surprised us,” senior research associate Whitney Airgood-Obrycki said.
The report also highlighted the compromises people have to make to find cheaper rent, often without a guarantee of improved living conditions.
“So you might not be living in as good of a neighborhood. You might be commuting farther. You might be sacrificing the quality of your school system,” Airgood-Obrycki said.
“And often what we’re seeing is that even when people are attempting to make these trade-offs, they still end up paying too much for housing.”
The Biden administration’s economic policies have faced criticism, with a rosy jobs report being questioned and a survey indicating that a significant portion of consumers rely on their next paycheck to cover their monthly financial outflows.
Furthermore, U.S. consumers have accumulated additional credit card debt, and many reported spending less during the holiday season due to inflation, with some working more hours or taking on extra jobs to afford expenses.
“The survey shows that over a third (34%) are trimming their budgets in favor of saving this year, while others are cutting back on buying gifts or non-essential expenses like dining out to stay on track,” Empower representative Courtney Burrell said.
These findings are likely to provide Republicans with political ammunition against Biden and Democrats heading into future elections.
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