Housing costs continue to escalate annually. Both owning and renting are becoming increasingly unattainable for middle-class individuals in high-cost cities, where a significant portion of their income goes towards accommodation and stops them from getting ahead financially .
According to Census data, middle-class families earn between $50,000 and $150,000 per year. But when housing consumes more than 30% of household income, according to the U.S. Department of Housing and Urban Development, it greatly limits spending on other essentials.
Harvard University’s Joint Center for Housing Studies identifies 20 cities where people are most burdened by their housing expenses. A large portion of residents spend over 50% of their income on housing, a situation that’s not realistic for most middle-class families…