The US is enduring a severe shortage of affordable housing alongside an era of record-high inflation, according to a recent report from Moody's Analytics.
"What's more, rental rates sped past wage growth, causing financial distress to Americans paying higher rates without a higher income to match," writes its analyst David Caputo.
He said that finding and maintaining affordable rental housing remains a challenge, especially for the nation's lowest-income renters who already struggle with affording basic necessities.
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