Article from: teamster.org
It’s well documented that despite growing corporate profits, wages have remained flat for most workers. And for those struggling to get by, that has real consequences in their daily lives – especially when it comes to keeping a roof over their heads.
A new report by Zillow Research, Boston University and the University of Pennsylvania finds that homelessness grows substantially in communities where workers are spending more than 32 percent of their paychecks on rent. It cites the lack of income growth as a main driver in why families are paying an increasing percentage of their earnings for housing needs.
The document notes the U.S. median rent has risen 11 percent over the past five years, requiring renters earning the national median income to spend 28.2 percent of their earnings on a typical rental. That’s up from 25.8 percent historically, and far above the 17.7 percent that median-income households buying a typical home today spend on their monthly mortgage payment.
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