The Birmingham-Hoover area is one of several metros around the U.S. where households are “severely burdened” by the cost of rent, according to a new study.
in metro areas of families that are moderately cost-burdened, meaning 30% of their income goes to pay rent, and severely burdened, meaning more than half of income pays for housing.
As Zillow explained, housing shortages were already a problem before the COVID-19 pandemic, meaning rent inched higher while incomes did not keep pace. According to Zillow’s metrics, the nation’s typical rent has increased by 26%, but average earnings have risen by 16% over the same stretch.
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