Rental Crisis in the US, not just Asheville.

 

 

Rental Crisis in the US

There are more renters now than in the history of the United States.

43,267,432 households with 110,175,847 residents

Unfortunately, we’re also in “the worst rental affordability crisis that this country has ever known,” per the U.S. Secretary of Housing and Urban Development.

That’s a bad combination.

Let’s take a look at what happened.

Thanks to:

The Housing Crisis
The Great Recession
Stagnant Wages

Home ownership is at a 48-year low…. Traditional Affordability Rule:
Rent + Utilities < 30% Income Median income earners – aka the middle class – can no longer afford rental housing in nearly 90 cities across the United States. In total, nearly half of American renters spend more than the maximum suggested percent income on rent, and more than 1 in 4 rental households spend over 50% of income on rent. That rose 12 percentage points in one decade, and more than doubled in 50 years. Still, we’ve only looked at middle-class renters, really. It gets worse.

 

The rest of the story.

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