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11 Million Americans Spend More Than Half of Income on Rent

Posted on the 14 January 2014 by Eowyn @DrEowyn

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Here’s more evidence of the Obama economic “recovery”!

According to a Harvard analysis based on the latest available U.S. Census data, an estimated 11.3 million Americans spent more than half their income on rent in 2011. That number represented a 28% increase from 2007.

Why is that? Four reasons:

1. The median asking rent in the US rose to an all time high in November 2013:

Median Asking Rent

2. Lowest U.S. homeownership rate in nearly 20 years:

Homeownership Rate

3. Low homeownership rate means more renters:

The number of renters increased 11% between 2007 and 2011, U.S. Department of Housing and Urban Development data show. The number of renter households will increase by between 4 million and 4.7 million over the next decade, based on Joint Center projections. As baby boomers age into retirement the number of renting seniors will increase by 2.2 million, and that increase in fixed-income renters will drive up demand for subsidized housing.

4. Stagnant incomes and more poor Americans:

Stagnant incomes and increased demand for cheap apartments spurred the rise. Between 2007 and 2012, real median renter incomes fell by 7.6%, based on Census data compiled by the Joint Center. A Census report released this month found that 31.6% of Americans (more than 3 of every 10 Americans!) lived in poverty for at least two months between 2009 and 2011, an increase from 27.1% over the 2005 to 2007 period.

Source: ZeroHedge

Hey, all you who voted for the POS Obama in 2008 and again in 2012, you must be so proud.

~Eowyn


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