WASHINGTON — Just before the first presidential debate of the 2024 election cycle, recent polls show that the economy is a concern that’s still top of mind for voters. For many families, the American dream of buying a house is becoming unaffordable.
A new report from Harvard University’s Joint Center for Housing Studies shows that almost a quarter of American families that own their homes are getting stretched thin by costs, and the same goes for renters after the pandemic-era surge in rent prices.
Channel 2 Washington Correspondent Nicole D’Antonio reviewed the report to break down the impact the costs of housing is having on families all across the United States.
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Between 2019 and 2022, more than 22 million renters spent more than 30% of their income on housing and utilities. The U.S. Department of Housing and Urban Development defines that level of spending as “cost-burdened,” meaning their housing and utilities are unaffordable, based on …