Half of US renters spend over 30% of their income on housing, Census data shows.
Skyrocketing home prices and rents, driven by supply shortages and high interest rates, are to blame.
African-American and Hispanic renters are the most cost-burdened, with over half exceeding the 30% rule.
But as home prices and rents have skyrocketed in recent years, that so-called 30% rule is increasingly challenging to follow.
And for a whopping half of US renters, it's become impossible.
Persons:
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Organizations:
Service, US, Bureau, Survey, Business