By Ingy Ashraf,
Since everyone is talking about Egypt’s high prices and the continuous economic crises that are affecting Egyptians some people in the US are facing starvation and homelessness, due to recent rental price increases,Americans are threatened by homelessness.
The crisis in United States increased and seen in some states, like California, Washington, and in certain places that were affordable. The crisis in housing was connected to the significant inflation which was occurred between 2021 and2022 , with the increase in rental costs in the united states exceeding rising incomes for employees. Thiscame according to a report was published by the Joint Center for Housing Studies at Harvard.
According to a report published by The Joint Center for Housing Studies, at Harvard on January 25, 2024, about 653000 identified as homeless since January 2023 representing a 12% increase over the same period last year and a 48% increase over 2015. According to Harvard researchers, this is the highest level of homelessness in one year, pointing out rise in the number ofAmericans without shelter.
The rental cost is rising since 2001 this came according to reports published by housing studies in the US.
In study of real estate data, Harvard researchers determined that half of households various levels of income spent between 30% and 50% of their incomes per month on housing in 2022, that was described as cost burdening. Around 12 million renters were suffered from severe expenses, which means they spent more than half of their incomes per month on rent and utilities a 14% rise from pre pandemic levels.
The Joint Center for Housing Studies stated that, people who earn between $45000 to $75000 annually were significantly affected by the rises of rental costs , on average of 41% from their incomes spent in rent and utilities, and according to rent.com, an online housing market, stated that the median rent in the Untied States was $ 1,964 in December 2023,23% rise from its pre pandemic level.
By comparison, to government data which stated, the average weekly inflation adjusted earn for the typical employee increased by 1.7 % between 2019 and 2023. A report by Harvard mentioned that “rapidly rising rents, combined with wage losses in the early stages of the pandemic, have underscored the inadequacy of the existing housing safety net, especially in times of crisis.”
