The Harvard Joint Center for Housing Studies has released a huge report showing how rising rent prices are crushing Americans, not just Bostonians.
One fact from the report really jumped out at us: In the past decade alone, the share of a person’s income going to pay rents has risen to 30 percent from 18 percent.
In Massachusetts, rents are now the sixth highest in the country, though keep in mind that’s a statewide figure. Take out western Massachusetts and the prices are even higher for Greater Boston.
Bottom line: We need more housing. Take a look at the chart above about how the growth of renters can be measured by the millions. They can’t afford to buy homes at today’s current prices. And now they can’t afford rents.
More about the study at Boston.com.
Chart above via Harvard Joint Center for Housing Studies’s report.