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According to the US Census Bureau, over 40% (19 million) of renter households in the country spent more than 30% of their income on housing costs from 2017 to 2021. Read the full report here. The report further implies that the increased percentage of income dedicated to housing expenses puts an undo burden on households as salaries have not increased at the same rate as dramatically rising rents and other housing expenses.
“We’ve heard for a while now that incomes were not keeping up with the increased cost of housing,” said Molly Cromwell, a demographer in the Census Bureau’s Housing Statistics Branch. “With the most recent data, we can see just how many households were burdened by the cost of their housing.”
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