If Rent Were Affordable, the Average Household Would Save $6,200 a Year

September 20, 2017                     By: Tanvi Misra

A new analysis points to the benefits of ending the severe affordability crisis.

If renters paid just what they could afford in rent, the average household would have $6,200 a year more in their pocket to spend on groceries, childcare, medical care, and education—things one in five households have been skimping on to make rent. Collectively, that would amount to $124 billion that can help fuel economic growth.

A new apartment complex in North Dakota, advertising its vacancy. //Andrew Cullen/Reuters

These estimates of the 100 most populous U.S. cities come from a new analysis by the National Equity Atlas—a joint project by PolicyLink and the USC Program for Environmental and Regional Equity. “Renters are the lifeblood of cities,”Angela Glover Blackwell, CEO of PolicyLink, said in a statement. “If rents were affordable, renters could meet their basic needs like transportation, food, and child care and contribute even more to thriving communities. This would have a positive ripple effect throughout their regions.”.........................Read More