Income-Rent Gap Grew in 2018

New research from the Center on Budget and Policy Priorities explores the disparities between renters’ incomes and their housing costs. The report finds that after sharp declines in the 2001 and 2007 recessions, renters’ incomes have finally recovered to 2001 levels, adjusting for inflation. During this period, however, median rental costs have risen steadily, now at 13 percent higher than in 2001. The report notes that a parent working full time at the minimum wage cannot afford a two-bedroom apartment in any state, and calls for expanded funding for federal rental assistance and stronger state and local programs.