Homeless population increases by 11% in US
Data from the Department of Housing and Urban Development states that more than 138,000 people in the U.S. were rendered homeless in 2022.
WASHINGTON – The number of people experiencing homelessness in the US has increased by 11% so far this year – the largest increase since 2007.
The increase is due to high housing costs and the end of pandemic-era assistance programs.
Average rent in the US has surpassed $2,000 per month for the first time.
A $100 increase in average rent in the US is associated with a 9% increase in homelessness.
Data from the Department of Housing and Urban Development states that more than 138,000 people in the U.S. were rendered homeless in 2022.
A group of economists argues that federal rent control and stronger tenant protections are needed to address the housing crisis.
High rents and a lack of tenant protections negatively impact renters and their families, as well as the economy as a whole.
Rents account for about one-third of the consumer price index, and rent increases have played a major role in the recent rise in inflation.
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