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Nearly half of US renters spend more than 30% of their income on housing costs

Summary

A U.S. Census Bureau survey from 2023 reveals that nearly half of American renters are "cost-burdened," spending over 30% of their income on housing. The median rent rose 3.8% to $1,406, outpacing home value growth. The survey highlights racial disparities: 56.2% of Black households and 53.2% of Hispanic households face higher housing costs compared to 49.7% of the overall population. The housing affordability crisis, exacerbated by high mortgage rates and insurance costs, plays a significant role in the 2024 U.S. presidential race, with both parties proposing solutions to address the issue.

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