As more people move into rentals and fewer people move out, low vacancy rates have meant skyrocketing prices. Add in years of stagnant wages, and it’s easy to comprehend why affording rent is becoming a more difficult prospect for many families. And according to a new report, things may only get worse in the decade to come. The Harvard Joint Center for Housing Studies and Enterprise Community Partners report that the rental population in the U.S. will climb by about 4 million people. They also expect the number of severely rent-burdened Americans (those paying 50 percent or more) to increase by 11 percent over the decade, to over 13 million people in 2025. That does not bode well for Americans trying to build their savings so that they can afford a down payment on a home.
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- Sunil Sethi
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