The median rent takes 47% of the median income in Los Angeles, according to the New York Times — more than in any other US city. For rent and utilities to be considered affordable they are supposed to take up no more than 30% of household income. The real estate website Zillow did the analysis for the NYT, and found 90 cities where the median rent — not including utilities — was more than 30%.
A recent study from Harvard University found that nationally half of all rents now spend more than 30% of their income on housing, and last December Housing Secretary Shaun Donovan declared it "the worst rental affordability crisis that this country has ever known." Apartment vacancy rates have dropped so low that forecasters predicted rents could rise as much as 4% this year compared to 2.8% last year.
This is a really good story! Read more in The New York Times.
A recent study from Harvard University found that nationally half of all rents now spend more than 30% of their income on housing, and last December Housing Secretary Shaun Donovan declared it "the worst rental affordability crisis that this country has ever known." Apartment vacancy rates have dropped so low that forecasters predicted rents could rise as much as 4% this year compared to 2.8% last year.
This is a really good story! Read more in The New York Times.
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