The number of households in America who must devote more than 50 percent of their income to rent will rise 11 percent by 2025, according to a new report “Projected Trends in Severely Cost-Burdened Renters: 2015-2025.” Housing cost-burdened renters will rise from 11.8 million to 13.1 million.
“In the unlikely event that income growth greatly outpaces rent gains, the number of severely cost-burdened renters will remain near current record levels,” said Christopher Herbert, managing director of Harvard’s Joint Center for Housing Studies, which prepared the report with Enterprise Community Partners Inc.
“Given these data, it is critical for policymakers at all levels of government to prioritize the preservation and development of affordable rental housing as there are simply not enough quality, affordable rental units to provide housing for the millions of households paying over half their income in rental costs.”
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