On September 21, 2015, the Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners Inc. released a new report providing projections for housing cost-burdened renters. The report finds that by 2025, an increasing number of renters will spend more than 50 percent of their income on rent, resulting in an increased housing cost burden for millennials and older adults.
The report, Projected Trends in Severely Cost-Burdened Renters: 2015-2015, finds that the number of renter households who might have difficulties paying their rent will increase from 11.8 million to 13.1 million in 2025, an 11 percent increase. Some of the key findings include:
- For seniors aged 65 to 74, rental costs are calculated to increase by 42 percent
- rent-burdened young adults households aged 25-34 as well as 35-44 years old, are projected to rise by 12 percent from 2015 to 2025.
The report concludes that more affordable rental housing units need to be developed and preserved to address the shortage in the supply of rental units needed to assist renters who might have to spend more than half of their income on rent.
Click here to read the report.