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The University of Michigan has expanded enrollment by 12,000 students over the last 20 years, Ann Arbor City Councilwoman Jen Eyer told me, but only added 1,000 new student beds.
Explore More: Housing Market 2024 — Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets Find Out: How to Get Rich in Real Estate Starting with Just $1,000
This is in response to nearly half of America's renters in 2023 being considered "cost-burdened," meaning at least 30% of their income goes to housing, according to data from US Census Bureau.
In the United States [21] and Canada, [22] a commonly accepted guideline for housing affordability is a housing cost, including utilities, that does not exceed 30% of a household's gross income. [23] Some definitions include maintenance costs as part of housing costs. [24] Canada, for example, switched to a 25% rule from a 20% rule in the 1950s.
According to the Housing and Urban Development, total housing costs are affordable if they meet or are below 30% of annual income. [50] According to the American Community Survey of 2016, 54.8% of renters in San Diego pay 30% or over of their income toward rent and housing costs every month. [51]
Michigan has an estimated per capita income of $27,549 and median household income of $50,803 [1] Michigan counties by per capita income Note: Data is from the 2010 ...
Housing insecurity in Sault Ste. Marie is getting worse. Now, some community organizations are working to fight it.
Methodology: In order to identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the top 200 biggest housing markets in the U.S., according ...
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