The downturn is hitting renters especially hard. Landlords, not much.

If the Great Recession were hitting everyone equally hard, it would be much easier to bear it. But it’s not. Among the groups being squeezed the hardest are renters. USA Today:

The share of renters paying 30% or more of their household income on housing costs — the government threshold to determine if housing is unaffordable — rose to 53% last year from 51.5% in 2009 and about 50% in 2008, according to 2010 Census data released today. . . .  Nationwide, rents are expected to rise about 4% this year, [economist, Stan] Humphries says, and will also rise in 2012. Strong demand is driving rents up as homeowners lose homes to foreclosure and become renters. Skittish consumers are also delaying home purchases, given concerns about the economy.

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About Guy N. Texas

Guy N. Texas is the pen name of a lawyer living in Dallas, who is now a liberal. He was once conservative, but this word has so morphed in meaning that he can no longer call himself that in good conscience. Guy has no political aspirations. He speaks only for himself.
This entry was posted in Income inequality, News, Politics, Poverty. Bookmark the permalink.

One Response to The downturn is hitting renters especially hard. Landlords, not much.

  1. hortonw says:

    At the risk of sounding like a conservative, perhaps some of these people ought to rent something smaller.

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