A Harvard study has found that those making $45,000 per year are struggling to meet the increasing cost of rent in cities across the country.
While low-income renters already face the tough task of affording rent and their basic needs, a growing number of renters in the middle-class are facing similar difficulties. Martha C. White reports on NBCNews.com that a new study by Harvard University has found that many renters who should be able to afford higher rents, pay for basic needs and save for retirement are now facing setbacks.
This situation is the result of a perfect storm of growing rental demand, especially from wealthier families, a shrinking pool of moderately-priced rentals and stagnant wages that haven't kept up with rent inflation, which is rising faster today than it has in 30 years.
The report notes that once the high-end rental market becomes saturated, more affordable units will likely become available, but until that time the middle class will continue to spend more on housing and less on other discretionary items.
FULL STORY: It's Not Just the Poor Who Can't Make Rent
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
City of Costa Mesa
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Barrett Planning Group LLC
HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
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