Study: Half Of US Renters Cannot Afford Housing
New research revealed that half of U.S. renters face a difficult task in affording housing for themselves and their families. This crisis is made worse by President Joe Biden’s open borders and the resulting shortage of quality housing.
The study, which covered 2022 and is certainly applicable now, originated with the Joint Center for Housing Studies at Harvard University.
As reported by NPR on Thursday, “as rents spiked during the COVID-19 pandemic, a record half of U.S. renters paid more than 30% of their income for rent and utilities.”
Even worse, almost half of that beleaguered number faced a severe financial crisis. They were trapped into paying more than 50% of their income for shelter costs.
There has been no relief in Biden’s America since this study was conducted as rents continue to skyrocket. A lion’s share of this burden is squarely on young people who dream of home ownership but struggle to stay afloat while renting.
The report’s lead author, Whitney Airgood-Obrycki, reported the dire situation was hardly limited to those with lower incomes.
She noted, “We actually saw increases across every single income category that we look at, which sort of surprised us.” The study showed the largest increase in households struggling to survive the high cost of housing was in the $30,000-$74,999 income category.
Adding to the exorbitant costs of renting is the influx of millions of illegal migrants currently invading the nation. A report by the Wall Street Journal last July highlighted the upward pressure placed on the market by uncontrolled migration.
Some on Wall Street are happy about the surge, as reported by a Goldman Sachs study.
Investors are profiting handsomely from housing costs lurching skyward through what the outlet termed “rebounding immigration.” This “rebound,” of course, came through Biden’s contentious open border policies.
On Main Street, however, the news is not so rosy. A study by the Bank of Montreal focused on 18 affluent nations showed that for every 1% rise in population — whether through migration or births — housing costs jumped 3%.
A secure border and more affordable housing is needed to alleviate this crisis. Under the current Democratic regime, neither are likely.
