Money makes the world go round, but it’s still a problem for many of us.
New research shows more Americans are struggling to pay their rent!
According to the annual State of the Nation’s Housing Report from the Joint Center for Housing Studies of Harvard University, 11.4 million of Americans spend half of their income on rent, as of 2014.
It’s a matter of simple supply and demand.
The report says demand for rentals is on the rise, and expected to remain strong over the next 10 years, thanks to millennials starting their own households.
At the same time, the home-ownership rate for those in their 30’s and 40’s is on the decline.
Also, the number of renters increased by 9 million over the past decade, the largest 10-year gain on record.
While there is a growing supply of new housing in the pipeline, the report says the units being built– are not intended for low-income households.
The median asking rent on new apartments was $1,381 per month in 2015, well out of reach for the typical renter earning $35,000 a year.