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United States: Keys To Unlocking Value In US Housing - Mayer Brown
Credit: Mondaq- Published on January 24, 2024
As we begin 2024, the housing market is in uncharted waters, with plummeting housing starts, new listings at historic lows, mortgage interest rates up sharply over the past two years and a marked decrease in homes for sale.
Video credit: Wibbitz Top Stories
Published on January 26, 2024 - 01:30
Half of US Renters Can No Longer Afford Housing, Study Finds
Half of US Renters Can No Longer , Afford Housing, Study Finds.
A growing number of households are
struggling to pay rent, according to a new report by the
Joint Center for Housing Studies of Harvard University.
The study found that a record half
of renters in the United States paid over
30% of their income toward rent and utilities in 2022. .
Almost half of those people were
found to be extremely cost-burdened,
paying over 50% of their income. .
We actually saw increases across
every single income category that we
look at, which sort of surprised us, Whitney Airgood-Obrycki, senior research associate
with the center and the report's lead author, via NPR.
The study found that the largest leap in
unaffordability was for households with an
annual income between $30,000 and $74,000. .
The study found that the largest leap in
unaffordability was for households with an
annual income between $30,000 and $74,000. .
Among those with full-time jobs,
a third of all renters were living
under cost-burdened conditions.
For those making less than $30,000
a year, a staggering all-time high
of 83% were cost-burdened.
At the same time, homeless rates in
the U.S. have also hit a record high. .
We simply don't have enough
homes that people can afford, Jeff Olivet, executive director of
the U.S. Interagency Council
on Homelessness, via NPR.
And when you combine rapidly
rising rent — that it just costs more
per month for people to get into
a place and keep a place — you get
this vicious game of musical chairs, Jeff Olivet, executive director of
the U.S. Interagency Council
on Homelessness, via NPR