Rep. Takano Releases Updated Report on the Heavy Burden of Rent in Riverside
More than 30 percent of renters in Riverside County are still severely rent burdened
Riverside, CA – Rep. Takano (D-Calif.) released an updated version of his 2014 report examining rent costs, household income trends, and housing availability in Riverside County.
The report found that about one in three households in the Inland Empire are severely rent burdened, with 30.2 percent of all Riverside County renters spending more than half of their annual income on rent. Since 2007, Riverside County’s median annual income has decreased by 7.2 percent while rent has gone up by 3.8 percent, bringing severe and far-reaching negative consequences for families and communities.
“Homeownership is often seen as a stepping stone into the middle class, an investment for a secure retirement, and a pathway to upward economic mobility,” said Rep. Mark Takano. “Unfortunately, homeownership is out of reach for families in our community and across the country, and families are renting more. The lack of affordable housing is becoming burdensome for many in Riverside County. We need to support vulnerable renters and assist aspiring homeowners in this current housing market if we want our economy to prosper and our community to thrive.”
To help alleviate this crisis, Rep. Takano proposed a series of solutions that can be addressed at the federal level, including:
- Lowering the cost of rent by increasing the inventory of affordable housing
- Preventing landlords from using credit scores to deny tenant applications
- Making rent more affordable by expanding access to housing assistance programs
- Putting a check on Wall Street’s presence in the single-family rental market
- Defeating President Trump’s plan to raise rent on millions of vulnerable households
The full report can be found here.
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