Half Of US Renters Pay More Than 30 Percent Of Income For Housing
December 12th, 2013
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A new study from the Joint Center for Housing Studies of Harvard University finds that nearly 50 percent of renters are “cost-burdened,” meaning they pay more than 30 percent of their income to rent housing. This is nearly double from the less than one-quarter of renters who paid that much in 1960.
The study notes that cost-burdened renters spend about $130 less on food each month, and make similar reductions to spending in healthcare, clothing and savings. Even those who select longer commutes in order to avoid high housing costs end up spending so much on transportation that the combined cost still offsets spending in other areas.
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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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