US Renters Face Unprecedented Housing Affordability Crisis

Harvard Study Reveals Record High 'Cost Burdened' Renters and Increase in Homelessness

Half of American renters paid more than 30 percent of their income for rent and utilities in 2022, according to a study from Harvard University's Joint Center for Housing Studies.
The study found that the number of American renters considered 'cost burdened' by their monthly housing payment in 2022 hit an all-time high of 22.4 million.
The number of homes that rent for under $600 after adjusting for inflation fell from about 9.4 million units in 2012 to 7.2 million in 2022.
Median rents have increased by 21 percent since 2001, while renters' median yearly income has increased by just 2 percent.
The number of unsheltered homeless increased by 48 percent between 2015 and 2023.