Even though housing costs have slowed considerably from their run-up during the pandemic, a record number of households spend more than 30 percent of their income on rent and utilities. A report by Harvard University’s Joint Center for Housing Studies found 22.4 million renter households are cost-burdened, which has increased by 2 million over the past three years. Of those, 2.1 million are severely burdened, meaning their housing costs consume more than half of their income. Meanwhile, rental housing nationwide in 2022 is the oldest it’s ever been at a median 44 years old. All of this points to the urgent need to continue building new housing.
Source: https://www.bizjournals.com/phoenix/news/2024/01/29/cost-burdened-households-harvard-housing-study.html
