This Minority Was Hit The Hardest By The Recession
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The financial crisis turned a lot of Americans into renters, but one minority was hit harder than any other in the country: male Hispanic Millennials.
In 2006, 32% of those households were renters, a number that nearly doubled (63%) by 2014, a recent Trulia study reveals.
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Following the recession, wealth gaps along racial lines widened, partly because white workers' incomes recovered quicker, and partly because white households were more likely to own stocks, according to Bloomberg.
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Measuring by income-to-rent, poor renters took the hardest hit from the recession, with the bottom 25% of wage earners spending 63% of income on housing in'14, the study found—a sturdy jump from 2006's 56%.
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Here are other highlights from the study:
- Over 41 of 50 metro areas, the average household spent a larger percent of its income on rent
- Rents increased 22% over the course of the study
- Foreclosure hotbeds Las Vegas, Phoenix, and Ft. Lauderdale saw the largest jump in households that rent