Inflation-adjusted rents are up 64 percent since 1960 while household incomes increased only 18 percent in the same time frame, the Wall Street Journal reported.
The worst decade for renters was between 2000 and 2010 when rents rose 18 percent and incomes fell 9 percent.
"Sharp increases in rents along with stagnant incomes over the past five years have helped create a dire situation for many of the country’s renters," states the article. "The United States has grown much less affordable for renters for half a century and, barring a major change, is likely to continue doing so."
According to the report, some reasons for why this is happening is because of construction costs, land-use restrictions that limit supply and the fact that renters have moved to more expensive cities such as New York and San Francisco.
"Some cities fared much worse than others over the long haul," explains the article. "Unsurprisingly, Boston, San Francisco, Washington, D.C., and New York City were among the worst cities for renters because rents have grown much faster than incomes. In Washington, D.C., rents have risen by 86% since 1980 while real incomes only rose 33%."
