Comment on Half of renters live somewhere they can't afford

Half of renters live somewhere they can't afford

iStock; BIHalf of US renters spend over 30% of their income on housing, Census data shows.Skyrocketing home prices and rents, driven by supply shortages and high interest rates, are to blame.African-American and Hispanic renters are the most cost-burdened, with over half exceeding the 30% rule.For decades, financial advisors and the federal government have recommended that Americans spend no more than 30% of their gross income on housing.But as home prices and rents have skyrocketed in recent years, that so-called 30% rule is increasingly challenging to follow.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News