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The Golden Rule is No Longer a Rule - More Like a Pipe Dream

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"No state has an adequate supply of affordable housing for its lowest-income earners, but it's no longer just the lowest-income earners who can't afford to rent or buy. The nation is getting alarmingly close to needing half of all residents to pay 30% or more of their income to rent. Spending 30% or less of income, which is considered the target range for the cost of housing, is no longer the gold standard but an idyllic goal that is unattainable for the average American.

When consumers are forced to spend 30% or more on housing costs, they are considered "house burdened," which means they have less money to spend on items like child care, healthcare, food, gas, and other necessities for living. A recent Statista report shows the number of households that are cost burdened due to housing has increased steadily since 2013, except for 2017. Today, there are an estimated 44.01 million rental households considered cost burdened."

"The faces of those who are most impacted are diverse, with a mix of reasons for the financial hardships. This issue disproportionately affects people of color, but seniors and people with disabilities make up around 48% of low-income households impacted by the lack of affordable housing."

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