Low income renters are struggling with housing needs as they fight against competition for the shrinking number of affordable units, according to a new analysis from Harvard University’s Joint Center for Housing Studies.
The study compares changes in the number of renters in five income levels between 2006 and 2016 with changes in the number of unites that would be affordable for people in that income range over the same period of time.
And low-income renters (those making less than $26K/year) aren’t the only ones struggling to find inventory. The study also found that the rapid growth in high-income renters over the past 10 years has outnumbered the growth in high-rent units.
The chart below shows that, while rental unit availability rose as a faster rate than most income brackets from 2006 to 2016, that is not the case for the highest-income renters ($80K+ income).
However, these high-income renters are not in a crisis. They have the option of renting a cheaper unit, or even buying a home. Not an option for lower income…