The American housing market mirrors our society, the decisions we make, and the problems they leave us with, according to a report out Tuesday.
More higher-income people are renting – the Harvard researchers say there were 311,000 more tenant households earning more than $75,000 in 2018 than the year before. That’s great for developers and landlords, but not so hot for households that need lower-cost rents. But the burden is falling disproportionately on the poor: nearly three-quarters of renters with incomes of $15,000 or less are spending more than half their income on housing.When rent is too high, it keeps younger people from becoming independent. Only 31% of 25-29-year-olds in the highest-cost metro areas formed their own households, compared to 41% in the lowest-cost areas.
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