Another reason I’m glad I’m not a Millennial

median-rent-and-income

Sharp increases in rents along with stagnant incomes over the past five years have helped create a dire situation for many of the country’s renters.  A new report shows how those trends have actually been playing out for more than five decades.

Inflation-adjusted rents have risen by 64% since 1960, but real household incomes only increased by 18% during that same time period, according to an analysis of U.S. Census data released by Apartment List, a rental listing website.

Renters fared the worst during the decade between 2000 and 2010, when inflation-adjusted household incomes fell by 9%, while rents rose by 18%, according to Apartment List.  That is likely because there were two recessions during that time and a housing bust in 2008 that drove millions of homeowners into renting.

The takeaway: The United States has grown much less affordable for renters for half a century and, barring a major change, is likely to continue doing so.

Source: Wall Street Journal.

These figures are national averages.   I shudder to think what it would be like to try to rent in places like San Francisco.

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One Response to “Another reason I’m glad I’m not a Millennial”

  1. tiffany267 Says:

    Reminds me of something I posted recently – https://tiffany267.wordpress.com/2016/04/09/government-and-living-in-the-city.

    Like

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