In many major U.S. cities, minimum wage workers need to clock in over 50 hours each week to be able to afford rent on a one-bedroom home.
Finding affordable housing was difficult for many even before the Covid-19 pandemic hit. However, the onset of the pandemic made these issues even more stark.
"By August 2020, as many as 12 million households were at risk of losing their homes if the government didn't act," NLIHC President and CEO Diane Yentel tells CNBC Make It."Many were among those already struggling to pay rent when the pandemic brought sudden job losses, reduced work hours and higher costs for health care, child care and the internet."during the beginning of the pandemic.
"Last year, the cost of rent rose an unprecedented 14% nationally, with some cities seeing rent increases as high as 40%," Yentel says."These price increases affect renters of all incomes but threaten the lowest-income renters most." In fact, NLIHC data shows that for every 10 low-income households, less than four homes are both affordable and available, Yentel says.
"As a result of the shortage, nearly 10 million of the lowest-income renter households pay at least half of their limited incomes to keep a roof over their heads," Yentel says.
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