More and more renters are living beyond their means, according to Harvard’s Joint centre For Housing Studies.
Back in 1960 only 24 per cent of Americans spend over the recommended 30 per cent of their income on rent. By 2000 that number increased to 38 per cent. By 2009 that number increased to 49 per cent.
Another 26 per cent of Americans are severely burdened with rent over half of income.
Real income hasn’t increased in 30 years, while rents rise and utility costs have recently soared: