Accelerating Housing Costs in U.S. Squeeze Renters, Says NAR via WORLD PROPERTY JOURNAL

According to new research by the National Association of Realtors (NAR), the gap between rental costs and household income is widening to unsustainable levels in many parts of the country, and the situation could worsen unless new home construction meaningfully rises.

NAR reviewed data on income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas across the U.S. The findings reveal that renters are being squeezed in many metro areas throughout the country due to the disproportionate growth in rental costs to incomes. New York, Seattle and San Jose, Calif. are among the cities where combined rent growth is far exceeding wages.

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