Curbed: Housing inequality mirrors income inequality, says study

Cost increases much higher for low-income renters than high-income homeowners, exacerbating income divide

It's generally understood that rising housing costs, and a shortage of new units, have contributed to an affordable housing crisis in the United States. New research by economists at Apartment List have found that inequality has also been rising, with those struggling to afford rent tending to pay a much greater share of their income than wealthier Americans.

Overall, the bottom 10 percent of the income distribution has seen the steepest rise in costs since 1980, while the top 25 percent of earners have actually see a decline in housing costs. Renters, at all income levels, are spending a great share of their income on rent than they did in 1980, while homeowners are paying a smaller fraction of their monthly paycheck for housing.

This phenomenon isn't limited to pricy big cities or part of coastal California. Researcher Igor Popov found that housing for the bottom half of income distribution grew more than those on the top half in every single one of the top 100 metro areas across the U.S. In 45 of the 50 largest U.S. cities, income inequality grew.

To view the complete article, visit Curbed

Courtesy of Curbed

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