‘Bidenomics’: Housing Now Not Readily Affordable For Half of Renters

A recent report has unveiled that, as President Joe Biden’s administration persistently promotes his economic policies, almost half of all renters in the U.S. are currently unable to afford their rent payments.

The report from the Joint Center for Housing Studies of Harvard University found that in 2022, as rents went up during the COVID-19 pandemic, “a record half of U.S. renters paid more than 30% of their income for rent and utilities,” NPR reported, adding that almost have of those renters “were severely cost-burdened, paying more than 50 percent of their income.”

“We actually saw increases across every single income category that we look at, which sort of surprised us,” Whitney Airgood-Obrycki, a senior research associate with the center and the report’s lead author, told the outlet.

Since 2019, there has been a notable rise in unaffordability, particularly for households earning between $30,000 and $74,999 annually. The report revealed that even among those working full-time, one-third of all renters were still struggling with the burden of housing costs.

For tenants earning less than $30,000 – who were already facing significant difficulties in affording housing – Airgood-Obrycki expressed disbelief at the possibility of the situation worsening. However, the report uncovered a staggering increase, soaring to a record 83% of individuals burdened by housing expenses. She highlighted that their remaining funds for other essential household expenditures have plummeted by almost half, dwindling to a mere $310 per month, as reported by NPR citing the data.

According to Airgood-Obrycki, the compromises people have had to make for cheaper rent since Biden took office are not a guaranteed solution. She mentioned that: