ATLANTA — A new national report finds that more American renters are cost-burdened than ever.
A renter is considered cost-burdened if they spend more than 30% of their income on rent. The study found that 12 million Americans spend at least half of their income on rent.
“If nothing is done and we continue down this path, it will only get worse,” Hope Atlanta Chief Programs Officer Elizabeth Banks said.
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According to data from the Fed, 48 percent of Atlanta metro renters are cost-burdened. At the same time, 25 percent of renters spend at least half their incomes on rent.
“It’s only going to get worse because people’s income is just not keeping up with the housing market,” Banks said.
Work is being done to build more affordable housing. Atlanta Mayor Andre Dickens declared Feb. 12-16th as “Affordable Housing Week” along with launching the city’s new Welcome HOME program, or “Housing Opportunity Moves for Everyone.”
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The idea is to remove barriers to help greenlight affordable housing projects.
This week, Atlanta First United Methodist Church told Channel 2 Action News about a place to build a 20-story high-rise around their historic sanctuary consisting of 85 percent affordable housing.
However, many projects will take time, as many renters live paycheck to paycheck.
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