Real Estate Pro Articles

Soaring Rent Eats Up Income of Home Rental Occupants

[Valid RSS feed]  Category Rss Feed -
By : Leticia Carvalho    99 or more times read
More and more renters in the U.S. are spending over half their monthly earnings on rental homes. According to the Center for Housing Policy and other advocacy groups, there are about 9 million renter families across the nation and only 6.2 million available affordable homes for rent for them.

In Stamford, Jennifer and Simon Morris and their children share a unit with other families in a shelter subsidized by a charity. They were forced to move to the shelter when the rent at their one-bedroom apartment home rental was increased to $1,425.

Thirty-year-old school teacher Meagan Devine lives with her married pregnant sister in a single-bedroom apartment in the Sunset district of San Francisco. With her take-home pay of about $2,500 a month, she could not afford to pay a single-bedroom apartment home for rent that charges about $2,000 monthly.

Jose Morales, a 78-year-old retiree who emigrated from Peru in the 1960s, is lucky in the sense that he is living in an old Victorian House in the Mission District of San Francisco. His rent in the 1960s was only $80 per month. Now, it is $864, a bargain compared to similar accommodations. But with a pension of only $900 a month, Morales has only $36 for food, medications and other personal expenses for a month.

Morales has been receiving eviction notices from his landlord, who plans to convert the house into a luxury home for rent. But Morales, who is already stooped, asserts he is going to fight for his rights.

According to Sheila Crowley, head of the National Low Income Housing Coalition, single family home rental occupants exert effort to survive from day to day because what is left after paying their rent is barely enough for their basic needs.

In Stamford, an ordinary worker must earn over $30 per hour to be able to stay in a regular two-bedroom apartment home for rent. This makes Stamford the most expensive in the country in terms of two-bedroom-apparment rent.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites


Tenant Background Check



© All rights reserved to Real Estate Pro Articles