Friday, May 1, 2015

1 in 4 renters spend half their income on housing, a paycheck away from homelessness

For more than one in four renters in the US, housing and utility costs take up at least half of their family's income, according to a new analysis of Census data. That number is up 26 percent since the beginning of the Great Recession in 2007.

Rising rents and stagnant wages are pushing more Americans into rental agreements, according to an analysis by Enterprise Community Partners, an affordable housing advocate. More than 36 percent of Americans rent housing as compared to 31 percent before the recession began.

The analysis found:
- 11.25 million families pay at least half of income for rent
- 6.4 million families headed by women pay at least half of income for rent
- Low income families paying at least 50% on rent spend about 40% less on food than those with affordable rents

The states most impacted by rising rents and stagnant wages are Florida, New Jersey, California and New York. In these states, 30 percent of renters are using at least half their income on rental housing and utilities.

The situation is nearly as dire across the nation.

More from RT.

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