Poor households in Philadelphia are spending nearly much on housing as wealthy residents. And while costs for the wealthy are going down, costs for the poor continue to rise.
New research in the Philadelphia region finds that housing costs are increasing for low-income residents while decreasing for those with higher incomes, such that households that make less money aren't spending substantially less on housing.
Both a lack of affordable housing and growing income inequality are driving this trend, researchers at real-estate firm Apartment Life found.
In 2008, the region's wealthiest residents earned more than 12 times its poorest, Aaron Moselle reports in Plan Philly; in 2017, it was 17 times. Moreover, between 2007 and 2018, housing costs grew by 8 percent for households earning less than the national median income—but not at all for households earning more, as prices dropped in Philly's luxury apartment market.
FULL STORY: Philly housing costs rising faster for poor and middle class than for the wealthy
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