I was just reading an article on Yahoo about rental costs going up in the United States. The number of United States households spend at least half their income on rent—the “severely cost-burdened,” could increase 25 percent to 14.8 million over the next decade. According to data, households shouldn’t spend more than 30 percent of income on housing, yet majority are spending half of their income on rent to live in decent neighborhoods, live in areas that have decent public schools, and closer to their jobs if possible.
If rents continue to rise faster than salaries, the number of households spending more than half their income on rent will rise, too. Salaries only grew 0.2 percent in the second quarter of this year, the slowest pace since 1982. Incomes are not increasing at a high rate yet rental prices are exceeding at a fast pace. Now you have rental managers asking for incomes that are 2-3 times higher than the requested rent every month. The requirements to rent an apartment or home is getting out of hand due to the public demand. A lot of rental managers are requiring someone who wants to rent an $1800.00 a month apartment you need to show an income of $64,800 a year plus have decent credit. The average American makes $35,000 a year which means they will have limited choices.
The government needs to step in and help Americans by building more affordable housing for the lower-class and middle-class families. We also need more rent control laws in America to control the insane rent increases that happen every year. The poorest Americans are more likely to spend at least half of their income on rent, according to a May report from the Furman Center that focused on renters in major cities. In New York, San Francisco, and Los Angeles, among other cities, more than one-third of middle-income renters were severely rent-burdened. This is insane! Why do people have to be punished for wanting a decent place to live for themselves and their families.
I am a renter in Los Angeles and the American dream of owning a home is dying fast for myself and my husband. The cost of our apartment is a damn shame and luckily there are two of us contributing to maintain our expensive apartment that has no bells or whistles; just a safe zip code! I would love to hear what the presidential candidates would do about creating affordable housing and rent control. The government really need to look at revising the IRS and changing the tax rates so that more families could keep their paycheck to help pay for rent and achieve the American dream of owning a home. If this situation isn’t addressed soon, we will see more homeless families, a huge increase in family members living together longer, less kids going to college due to families can’t save to help achieve that dream, and more Americans moving out of the country due to not being able to afford to live in America anymore.
America is supposed to be one of the best countries to live in but that isn’t the case anymore when half of your paycheck is going to rent and taxes. Why work? Work to get robbed of your money that you work hard for everyday. I think we as Americans need to stand up and demand our government to treat us better and allow us to live a decent quality of life. We tell our children to attend college why? Why attend college just to be in debt, can’t afford the American dream, and be damn near homeless! We need to take a stand and demand improvements!