The Housing Affordability Crisis

The United States faces not just a housing crisis, but a significant affordability crisis, with nearly half of renters spending over 30% of their income on housing. The rapid increase in rents, which outpaced wage growth significantly since 2019, has led to diminished economic mobility and productivity as individuals cannot afford to move to areas with better job prospects. This economic burden is compounded by the distressing fact that around 770,000 Americans are currently homeless, with high rental costs directly correlating to an increase in homelessness rates in communities. Solutions to this issue call for a multifaceted approach, including proposals to raise wages, particularly advocating for a minimum wage of $25 per hour, to alleviate the pressure on low-income families struggling to secure stable housing.