U.S. Renters Face ‘Unprecedented Affordability Crisis,’ Fed’s Community Council Says
“Americans renters are struggling with a ‘toxic mix of rising rents and stagnant wages’ that’s generating an ‘unprecedented affordability crisis,’ leaving more than half of households in a precarious financial state, according to a report from the Federal Reserve’s Community Advisory Council. Fifty-one percent of renters nationally ‘pay more than 30% of their income on rent and utilities,’ the council, whose members hails from a wide range of community and social organizations, said in its biannual communique. ‘Low-income renters and renters of color, particularly women of color, are most squeezed by the crisis.’”