Global real estate advisor Jenna Stauffer insisted on “Morning with Maria” that the American dream of homeownership still exists.
If you're struggling to pay your monthly rent, you're not alone. New data from Harvard University shows that more Americans than ever before are suffering from the problem.
A record 22.4 million renters in the U.S. are considered “costly” to make monthly housing payments, the latest count from 2022, according to a study released Thursday by the Harvard Joint Center. , which is equivalent to half of all renters in the United States. For housing research.
Half of renters in the U.S. can't afford their housing costs, hitting an all-time high, according to a new study from Harvard University. (Fox News)
People who spend 30% or more of their income on rent and utilities are considered cost-burdened, and the survey found that more than half of those tenants are severely burdened, with 12.1 million people paying less than their income. It was found that more than 50% of the total was spent on rent and utilities. Housing expense —This is also the highest number ever.
The study notes that while rent prices in the U.S. have outpaced income growth for decades, the share of cost-burdened renters increased in all income brackets in 2022. The survey results show the median amount of residual income that renters have left after paying their rent. Monthly housing costs have plummeted to an all-time low of $310.
A new housing study from Harvard University finds that the median residual income left after paying housing costs for U.S. renters hit an all-time low in 2022, the last year the data was measured. (Leonardo Munoz/VIEWpress/Getty Images)
Not only did renters in 2022 have less money left at the end of the month, but the purchasing power of that money has also been depleted. Inflation peaked at 9.1% in July 2022, further straining household budgets.
Mortgage interest rates rise, making it more difficult to obtain a home loan
The pain of high rent isn't over yet.
The median asking rent in December was $1,713, down just 0.4% from the same month last year, according to data released this week by Realtor.com. This is down 3.5% from its peak in July 2022, but remains well above pre-pandemic levels.
The number of Americans who are overburdened with rent will hit a record high in 2022. (Frederick J. Brown/AFP via Getty Images/Getty Images)
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Median asking rents remain 22% higher compared to the same period in 2019, highlighting that renters continue to face significant price pressure.
FOX Business' Daniella Genovese contributed to this report.
