In Metro Detroit, household rent is growing faster than incomes and new housing is often targeted for the affluent.
That’s the result of a Harvard University study that highlights growing affordability problems in rental housing nationwide, including Metro Detroit.
“With renter incomes stagnant, last year was another record-setting year in the number of renters paying more than 30 percent of their income on housing costs,” according to the 2105 Harvard Joint Center for Housing Studies. The report will be formally released Wednesday.
Nationally, nearly 26 percent of renters pay more than half of their incomes in housing costs. While the burden of rent cost is being felt most strongly by low-income families, even moderate-income renters who earn as much as $45,000 per year are feeling the pinch, particularly in urban markets.