PORTLAND, Ore. ( KOIN ) – A new Harvard University study found that rent is unaffordable for about half of all renters in the United States, listing Oregon among the states with the most cost-burdened renters.
The study, published by the Joint Center for Housing Studies of Harvard University , found that rental markets are cooling after a decades-high volume of new supply has come online. However, more households are cost-burdened than ever before.
“Pandemic resources temporarily shored up the housing safety net, but the need for rental assistance remains greater than ever,” the study says. “Additionally, the aging rental stock requires significant investment to address structural inadequacies, inaccessibility, and climate risks. Making these investments is challenging, given the current market environment of increasing operating expenses and high-interest rates. Despite today’s difficult conditions, strong demand from the Gen Z, millennial, and baby boom generations should ensure that the rental market slowdown is short-lived.”