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Consider This from NPR

Rents Take A Big Bite

Consider This from NPR

NPR

Society & Culture, News, Daily News, News Commentary

4.15.3K Ratings

🗓️ 16 February 2024

⏱️ 14 minutes

🧾️ Download transcript

Summary

Rent has skyrocketed in the United States. That means Americans are handing over a bigger portion of their paycheck to their housing costs. They have less money for things like food, electricity, and commuting.

The pandemic and inflation have both played a role in pushing rents higher.

Whitney Airgood-Obrycki a Senior Research Associate at Harvard's Joint Center on Housing Studies says rents are actually going down, but that increases have been so large it's going to take time for the market to even out.

We look at how rent prices got so high and what it might take to bring them down.

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Transcript

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0:00.0

Whitney Ergood Obricky knows a thing or two about the rental market in the United States.

0:05.6

I'm a senior research associate at the Joint Center for Housing Studies of Harvard University.

0:09.7

Ergo to Obricky's whole job is tracking how much it costs people to rent a home.

0:15.6

We're seeing a record high number of cost burden renters.

0:18.4

Cost burden. That's research speak for how much of someone's income goes to their housing costs and in

0:24.1

22 the latest year for which there's data the cost burden on renters was huge.

0:30.3

We're also seeing that now half of all renters are cost-burdened.

0:34.4

That data represents real people, 22.4 million of them, whose housing costs overwhelm their

0:41.6

incomes.

0:42.8

People like Genuine Campbell.

0:44.6

Do you want to pay the bills and then get half the rent

0:47.5

or do you want to try to do the whole rent

0:49.9

and then it be back on bills?

0:51.5

The single mother of four is a lift driver and lives in Philadelphia.

0:55.1

She was living in a two bedroom apartment.

0:57.4

Her rent went up from $1,300 a month to $1,600. Now she's looking for a cheaper apartment for her family, something around

1:05.9

a thousand dollars a month. It's like you're dreaming of a fairy tale, but I'm going to try to find something that I can handle and I can manage.

1:14.3

On the other side of the country in Albuquerque, New Mexico,

1:17.1

Natalie French and her roommate were paying $1,200 for two bedrooms and two bathrooms.

1:21.7

Then they found out their rent was going up.

1:24.7

They gave us a notice that the rent was going to be going up by $225 a month.

1:29.7

So it was going to go up to I believe 1350 basically then there were pet fees and so that was totally out of our

...

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