News
This Minority Was Hit The Hardest By The Recession
February 12, 2016
The financial crisis turned a lot of Americans into renters, but one minority was hit harder than any other in the country: male Hispanic Millennials.
In 2006, 32% of those households were renters, a number that nearly doubled (63%) by 2014, a recent Trulia study reveals.
Following the recession, wealth gaps along racial lines widened, partly because white workers' incomes recovered quicker, and partly because white households were more likely to own stocks, according to Bloomberg.
Measuring by income-to-rent, poor renters took the hardest hit from the recession, with the bottom 25% of wage earners spending 63% of income on housing in'14, the study found—a sturdy jump from 2006's 56%.
Here are other highlights from the study:
- Over 41 of 50 metro areas, the average household spent a larger percent of its income on rent
- Rents increased 22% over the course of the study
- Foreclosure hotbeds Las Vegas, Phoenix, and Ft. Lauderdale saw the largest jump in households that rent
