Many Americans struggling to keep up with sky high rents: study

Record numbers of U.S. renter households are spending more than 30 percent of their income, and in many cases more than half their income, on housing costs, according to a study published on Wednesday. In its biennial report on rental housing, the Harvard Joint Center for Housing Studies said both lower and moderate income households were overburdened by higher rents, which have been rising 3.5 percent annually after accounting for inflation. The lingering effects of the housing market collapse, which have seen the homeownership rate falling to levels last seen in 1965, and better employment prospects for Millennials, have fanned a rental market boom.
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