More than one-quarter of U.S. renters in a survey are not confident they could cover a $400 emergency. Financial stress visits renters more than homeowners. That’s the main takeaway from a new report by the Urban Institute, a nonpartisan think tank in Washington. CNBC reports:
“Rental costs are rising much faster than renters’ salaries. Between 1960 and 2016, the median income for a renter grew by just 5 percent. During the same period, the median rent ballooned by more than 60 percent, according to The Joint Center for Housing Studies of Harvard University… Half of renters in the survey reported a material hardship in the past year, compared with one-third of homeowners. Around 18 percent of homeowners reported low emergency savings.”