© Reuters
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. In Ohio, Alabama, Maine, Tennessee, Montana, and South Carolina, about 25 percent of renters dedicate half their income to rent and utilities. In fact, at least 20 percent of renters in every state, excepting Alaska, South Dakota, and Wyoming, face similar situations, according to the nonprofit's analysis of 2013 Census figures.
Comment: Under the surface, there is a lot going on in the U.S. economy and its not getting better.