HAMPTON ROADS, Va. – We often hear about home sale prices, but a new study shows that half of American renters are spending more than 30 percent of their income on rent and utilities.
A report from the Harvard Joint Center for Housing Studies found that the number of renters, considered to be “cost-burdened,” in 2022 was up two million from three years prior.
Professor Simon Stevenson is the Robert M. Stanton Endowed Chair of Real Estate & Economic Development in the Strome College of Business at Old Dominion University.
He states, “While rents have risen a lot in larger properties, they are generally speaking less than what you’d be paying on a mortgage loan; that is why those households are currently renting rather than buying. The more pressing problem seen in some areas of Hampton Roads, especially on the Peninsula, is a lack of houses to rent.”
Stevenson said this is in line with the bigger picture related to home sales.
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