Majority Of Americans Spend Over 30% Of Income On Rent

A new study from the Joint Center for Housing Studies (JCHS) of Harvard University has found that half of the renters in America cannot afford housing.

Data from the 2022 study shows that “As rents spiked during the COVID-19 pandemic, a record half of U.S. renters paid more than 30% of their income for rent and utilities. Nearly half of those people were severely cost-burdened, paying more than 50% of their income.”

According to Relevant Magazine, the average cost of rent has risen by 21% since 2001 while the average annual income for renters has risen by only 2% during that same time frame.

“So you might not be living in as good of a neighborhood,” said a senior research associate with JCHS. “You might be commuting farther. You might be sacrificing the quality of your school system. And often what we’re seeing is that even when people are attempting to make these trade-offs, they still end up paying too much for housing.”

Many factors are causing the rise in rental prices, and many of those factors can be attributed to different things. There is one cause, however, that can be attributed directly to the policies of the Biden administration and that is the crisis at the southern border.

Housing and rental prices go up based on supply and demand meaning if there are fewer rental homes available, the price of those rentals go up. At the same time, if millions of people are crossing the southern border every year, those same people will also eventually enter the housing and rental market.

As the Gateway Pundit wrote: “America needs more housing and a secure border if we want to turn this problem around.”

As a result of the increase in rental and home prices, homelessness rates in America also hit a record high in 2022.

“We simply don’t have enough homes that people can afford,” says Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness. “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.”