Comment on Is rent out of reach? Study shows how 11 US cities stack up

Is rent out of reach? Study shows how 11 US cities stack up

NEW YORK (AP) — Renters are on the rise in America's biggest cities, but many tenants are scrambling to keep up with growing rent bills and shrinking vacancies, according to a study being released Thursday. From Boston to Miami, New York to Los Angeles, more than half of tenants are paying what experts consider unaffordable rents, says a report by New York University's Furman Center, which studies real estate and urban policy, and bank Capital One, which is a leading affordable-housing lender and financed the research. Overall, it's a portrait of increasing competition and often slipping affordability, but the picture isn't universally bleak and looks noticeably different from city to city. "The study brings into light the limited options there are for renters," Capital One community finance chief Laura Bailey says. Experts trace much of the rise in renting to the 2008 mortgage and financial crisis, which left some people unable and others reluctant to own homes. [...] when rent becomes a stretch, leaving less income to save toward homeownership, "it's a reinforcing cycle," Furman Center faculty director Ingrid Gould Ellen says. [...] other factors may include home-downsizing within the giant and aging baby boom generation and hefty college debt that slows some young people's saving for a home purchase. [...] the data suggest some homes were converted to rentals.

 

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