Census Analysis Finds Many Americans Spend Half or More of Income on Rent
More than one in four renters has to spend at least 50 percent of their total household income to pay for housing and utilities, according a new analysis of Census data. That number is up 26 percent from 2007, shooting up to 11.25 million.
The findings were revealed on Friday by Enterprise Community Partners, a nonprofit that helps finance affordable housing.
“It means making really difficult trade-offs,” said Angela Boyd, a vice president at Enterprise Community Partners. “There are daily financial dilemmas about making their rent or buying groceries.”
Image via flickr/Steven Depolo