11 million Americans spend half their income on rent. Another 21 million spend over 30 percent of their income on rent, a record high.
from My Budget 360
The financial raiding of the American middle class is moving full steam ahead. The ridiculous structure of the banking bailouts and artificially low interest rates caused hot money from banks and big investors to crowd out regular families in the housing market. Now here we are 7 years after the official conclusion of the Great Recession and regular American families are financially struggling while banks and big investors thrive. Today 11 million Americans spend half of their income on rent. Another 21.3 million spent over 30 percent of their income on rent. With millions of properties being bought by investors since the Great Recession hit, all that has happened is a mega transfer of wealth. You don’t build equity by renting but many people are simply priced out from buying a home.