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Released: September 22, 2011
Rising rents lessen affordability of housing
Source: Julie Schmidt & Barbara Hansen, USA Today
More renters found housing unaffordable last year as incomes declined, and more are likely to be squeezed this year, given rising rents. The share of renters paying 30% or more of their household income on housing costs — the government threshold to determine if housing is unaffordable — rose to 53% last year from 51.5% in 2009 and about 50% in 2008, according to 2010 Census data released today. While median rents remained stable last year at $855 a month, median national household incomes, adjusted for inflation, fell 2.2% — putting the squeeze on renter budgets.Read Full Article: Rising rents lessen affordability of housing
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