A study by the Harvard Joint Center for Housing Studies reveals that housing has become unaffordable for a record half of American renters. The report highlights that nearly half of Austin-area renters are living in housing they can't afford. The housing market is facing challenges as private equity firms and Wall Street-backed entities are buying homes in large numbers, making it difficult for individual homebuyers to compete. The report also indicates that the lack of affordable housing has affected millions of people across the country, coinciding with a surge in homelessness. The analysis by The Economist discusses the changing dynamics between buying and renting property in America, indicating a shift in the relative costs of both options in recent years.
Is it cheaper to rent or buy property? Our analysis shows how the relative costs of buying and renting have been upended throughout much of America in recent years https://t.co/dJ0TfSZEbq 👇
Why don't more American families choose to rent? While there are some cultural and financial incentives (as @olgakhazan capably details) I'm convinced it's fundamentally a Product problem: We're not building rental apartments and homes that families actually want to *stay* in… https://t.co/MWnFCIs643
A new report from Harvard University found almost half of the Austin metro's renter households are "cost burdened," or spending more than 30% of their annual income on rent and utilities. READ MORE: https://t.co/pnJmtZ4zRK
The increasing lack of affordable housing over the past few years has plagued millions of people across the country, just as homelessness reached an all-time high last year. https://t.co/BbWEQcrEku https://t.co/02UzxcwZPM
In 2022, nearly 48% of renters in the Austin area spent more than a third of their wages on rent and utilities. A smaller share, roughly 23% of renters, spent more than half of their income on housing costs. https://t.co/7ue7bxijHW
Rent and housing has reached record breaking highs in unaffordability for the average American household https://t.co/eeDgEUkhh7 https://t.co/eeDgEUkhh7
Nearly half of Austin-area renters live in housing they can’t afford, researchers have found. https://t.co/vetcvzeS74
Half of all renters in the U.S. were burdened by the cost of their rent in 2022, a report released by the Harvard Joint Center for Housing Studies this week found. https://t.co/YJgNmVs4S0
For years new home-buyers in America have enjoyed lower housing payments than renters. But today the choice between buying and renting looks very different. Read why https://t.co/0tUIpdzw4V 👇
Housing is now unaffordable for a record half of all U.S. renters. Meanwhile Wall Street backed firms and private equity are buying homes in mass and individual homebuyers can’t compete. The housing market is rigged. https://t.co/MOXu4TIkXz
Housing is expensive for a record half of American renters, study shows https://t.co/GsMJPeG8tu
Housing is expensive for a record half of American renters, study shows. https://t.co/VPD3mDEtNz Click the image to read more: