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3 Charts That Show How Serious the Affordable Housing Crisis Really Is

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The number of burdened households is expanding:
"Rapid rent growth has been spurred by record demand and a shortage of homes across the board. Homes that were once considered affordable as related to the median income for the area have increased pricing to match market rents, further reducing the supply of affordable homes. The cost of rent jumped 10.1% from 2020 to 2021, with some markets seeing rent prices climb in the 20% to 40% range year over year.
As of January 2022, wages grew at a national average of 4.5% from December 2020, clearly not enough to overcome higher costs for housing. When coupled with inflation, which reached 7% by the end of 2021, it's clear the burden on housing costs is only getting more severe.

A recent report from Vio Smart Security shows that close to half of the country has a rent-to-income ratio of 30% or higher. Florida has the highest percentage of residents paying 30% of their median income on rent, with other expensive states following close behind, like California, Oregon, and New York, to name a few."

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