Despite a seemingly booming economy, the U.S. is in a period of record homelessness and housing un-affordability.
According to ATTOM, a real estate and property data company, home prices are rising faster than wages in roughly 80% of U.S. markets. Sadly, almost two-thirds of renters say they couldn’t afford to buy a home if they wanted to.
"Housing affordability is at crisis levels," said Robert Dietz, chief economist for the National Association of Home Builders.
Compounding the bad news, the outlook for renters isn’t much better It sounds crazy but 18.5 million households in the U.S. spent more than half their income on rent in 2016.
And it’s even worse for fulltime minimum wage earners. There’s not a single county in the country where a minimum wage earner can afford a “modest” 2-bedroom apartment without being strapped for cash.
Look for this issue to become front and center as election season heats up.
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