The number of renters dedicating at least half of their income toward housing hit a record high of 11 million people in 2014, according to the annual State of the Nation's Housing Report from the Joint Center for Housing Studies of Harvard University.
A total of 21.3 million are spending 30 percent or more of their paycheck to cover the rent -- also a record high.
Personal finance experts generally suggest budgeting around 30 percent of monthly income to cover housing costs.
But that's getting harder to do with rent prices rising faster than wages.
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1 comment:
I hate to bring this up (again), but with illegals flooding into the country, they've got to live somewhere.
That would mean the inexpensive housing.
Assisted by the most incompetent and corrupt administration in our history, they are sucking up all the affordable rentals.
So you and I have to subsidize them by paying more for our housing.
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