Mapped: Harvard Says Rent’s Too Damn High
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US renters can't afford to rent, a recent Harvard report reveals. Harvard researcher Dan McCue tells us newer construction is more costly to build and therefore built to a high-end segment. “In most markets, it’s near impossible to build new apartments at a level affordable for the typical renter,” he says. The report, highlighted by this cool interactive map, paints an ugly picture: 20.7 million households—49% of the entire rental market—feel burdened by rental costs. What’s more, nearly half of the nation's renters spend more than 30% of income on housing while over 25%—about 11.2 million—have to spend over half their salary on rent. Over a third of renters in Miami spent more than half their income on housing, the highest of 100 metro areas examined in the study. Out of all markets, Woodward and Guyman, OK, has the best showing with less than 20% of their renters spending more than 30% of income in rent.