Source: The Militant —
With housing costs rising faster than workers’ wages, those renting apartments or homes are paying on the average 30% of their income for rent, an all-time high. Mortgage rates have doubled in the past year. Underneath these figures is the bosses’ callous disregard toward the degrading living conditions confronting millions of workers.
On top of high rents and mortgages, inflation is eating away at the funds working-class families have available for food, transportation and health care. Increasing numbers of workers are working overtime or taking on another job to make ends meet. Those unable to afford a place to live are moving back in with their parents or friends, or renting cheaper apartments that are often smaller and in worse shape.
One consequence is the decline in birth rates, as more young workers struggle to start families.
In some areas the portion workers pay from their wages for rent is much higher — over 68% in New York City and 42% in Miami. A decade ago the average household spent about 26% of its income on rent.
In Fort Myers, Florida, where Hurricane Ian ravaged the area four months ago, soaring rents have prevented thousands from getting a new home. Despite promises of government aid, very little has been received. The storm destroyed 5,000 homes and damaged another 30,000 in the southwestern part of the state. Some workers are still living in campers, trailers or mobile homes, many at sites where their houses used to be.
