States, Biden administration push efforts to aid renters, keep people housed
“From January 2019 to January 2023, the average rent in a U.S. city shot up 19.38%, according to St. Louis Fed data. In 22 states and the District of Columbia, people need a wage above $26 an hour to afford a two-bedroom rental home, according to the National Low Income Housing Coalition. According to rental data from CoreLogic, a company that analyzes property, financial, and consumer information, the median renter household pays $500 more than it did in 2020. The combination of high mortgage rates and low housing inventory contributed to those soaring rental prices, which hit just as the federal programs and protections put in place during the COVID-19 pandemic ended.”