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The Burden of High Housing Costs

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Abstract

Five years after the official end of the recession, households are still reeling financially. Indeed, while September marked a milestone for the unemployment rate, which dropped below 6 percent for the first time in six years, the median household income at last measure was still languishing at its lowest level in nearly 20 years, after adjusting for inflation. At the same time, rents are rising. Fallout from the housing crisis has slowed the movement into homeownership and driven up the demand for rentals more quickly and sharply than the supply is growing, resulting in tight markets, higher rents, and millions of low-income renters squeezed by housing costs that take up large portions of their monthly incomes.

Suggested Citation

  • Daniel McCue, 2015. "The Burden of High Housing Costs," Cascade, Federal Reserve Bank of Philadelphia, vol. 1, January.
    • Handle: RePEc:fip:fedpca:0011
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/community-development/articles/cascade/86/cascade_no-86.pdf
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