Several recent reports lend credence to the “rent is too damn high” narrative. But exorbitant rents aren’t just a story in New York City or San Francisco—median rent is higher than 30 percent of median income in 90 cities in the United States.
“An analysis for The New York Times by Zillow, the real estate website, found 90 cities where the median rent — not including utilities — was more than 30 percent of the median gross income,” reports Shaila Dewan.
“Nationally, half of all renters are now spending more than 30 percent of their income on housing, according to a comprehensive Harvard study…” That figure rose from 38 percent just in 2000. The problem is such that Housing Secretary Shaun Donovan recently declared the current moment to be “the worst rental affordability crisis that this country has ever known.”
Most of the personal stories reported by Dewan are set in Miami, which is the second-least-affordable rental market in the country, where median rent is 43.2 percent of median income.
“Part of the reason for the squeeze on renters is simple demand — between 2007 and 2013 the United States added, on net, about 6.2 million tenants, compared with 208,000 homeowners,” and the growing demand created by the country’s shifting demographics is not expected to decline before the rental stock, and its costs, catch up.
FULL STORY: In Many Cities, Rent Is Rising Out of Reach of Middle Class
'Systemic' Fraud Threatens New York's Rent-Stabilized Housing
Even as the city pursues new affordable housing, lax enforcement of rental regulations is leading to rising costs and evictions.
Rising Rents, Stagnant Economy
Since the 1970s, many American cities have played host to rising rents and stagnant incomes. Richard Florida writes about how the "great rent squeeze" might be choking the country's economic prospects.
Boston Affordable Housing Program Meets 1,000-Unit Goal
The program offers zero-interest loans to developers that keep rental units affordable for at least 50 years.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
Central Florida’s SunRail Plans Major Expansion
The expanded train line will connect more destinations to the international airport and other important destinations.
Las Vegas Golf Course to Become Over 1,000 Units of Affordable Housing
The project is part of an initiative to build affordable housing on shuttered golf courses.
Cities and States Taking Action to Limit Rent-Setting AI
Federal prosecutors are charging a software company with using algorithms to artificially inflate rents.
BART to Raise Fares in January
The transit agency says it needs more state and federal support to meet its operating costs and avoid a growing budget gap.
Montreal Bike Share Breaks Ridership Record With 13 Million Rides
The Bixi system introduced a winter pilot project last year, leading to a rise in winter cycling.
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