What's happened
Recent data reveals that nearly half of renter households in the US spent over 30% of their income on housing in 2023. States like Maine and New Mexico saw significant rent increases, while the gap in rents between northern and southern England has narrowed to its lowest level in over a decade.
Why it matters
What the papers say
According to Business Insider UK, the Census Bureau's 2023 American Community Survey shows that nearly half of US renters are spending over 30% of their income on housing. The report highlights significant rent increases in states like Maine and New Mexico. The Guardian notes that the rental gap between northern and southern England has decreased, with the average rent in the north rising by 9.6%. Aneisha Beveridge from Hamptons states, 'This has been driven by the slowing of rental growth across southern England caused by greater affordability pressures.' Meanwhile, Axios emphasizes the broader implications of high rent burdens, noting that 30.6% of Black renters are particularly affected, compared to 23.4% of white renters. This disparity underscores the intersection of race and housing affordability.
How we got here
The 2023 American Community Survey indicates a growing rent burden for many Americans, with median gross rents rising significantly. This trend is mirrored in the UK, where rental disparities between regions are decreasing.
Common question
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Why Are Rents Rising So Dramatically in the US?
The rising rent crisis in the US has become a pressing issue, with nearly half of renter households spending over 30% of their income on housing. This situation raises important questions about the causes behind these increases and what can be done to alleviate the burden on renters. Below, we explore the key factors contributing to this crisis and provide insights into potential solutions.
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