A recently released report shows rental housing in the country remains unaffordable for households across the income spectrum.
The report by the Joint Center for Housing Studies of Harvard University shows that nearly half of renters spent more than 30% of their income on housing in 2024. It comes as the construction pace for multifamily developments has slightly slowed.
The U.S. Senate recently passed a bipartisan housing bill designed to improve affordability through deregulation and expanding programs, among other things.
Sue Ansel, president and CEO of real estate development company Gables Residential, said in a recent panel that the legislation is a step in the right direction.
“These bills signal what I think is a growing understanding that we can't solve affordability without addressing the cost drivers embedded in the development process itself,” Ansel said.
According to the study, North Carolinians spend around 30% of their income on rent. The report shows that more than half the homes in Winston-Salem, Greensboro and High Point are cost-burdened.