Thanks to the housing crisis, the percentage of Americans renting is the highest in 20 years. Rents, however, are rising at twice inflation and faster than wages. Mortgage rates are probably going to increase, because they’d have a tough time going lower. Almost half (49%) of American renters are paying more than the government recommends for housing (30%). As home ownership becomes more difficult, and as rent takes up more of a person’s income, there’s less economic mobility and less saved for retirement. Especially for people with student debt, there’s even less for savings. As more people are limited to the basics, less money goes to improving quality of life, and less money flows into the consumer economy. From one housing crisis to another.
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