"As rent prices continue to rise, a new study shows Millennials are paying about 45% of their total income toward rent, and pay out close to $100,000 toward rent before they turn 30", an article on Housingwire explains. What is really concerning is that if the trend continues, "Generation Z is expected to have to pay around $102,000 in rent during their 20s." Clearly, people are affected by a lack of incomes and ability to even find jobs. We have examined this through multiple discussions in regards to income inequality. However, this is yet another issue that residents must face. How can they pay for a home without strong income? With this in mind, I ask a few questions to the Caucus...
1) What laws or regulations in the state of Michigan target this issue? How much funding has the state provided to free housing?
2) What could the state do to improve this issue? An article on MRadio explains that, "According to the report, "in only 12 counties [nationwide] can a full-time minimum-wage worker afford a modest one-bedroom rental home." Clearly, residents struggle to pay for housing, thus there is room for improvement.
I look forward to hearing all of your thoughts.https://www.housingwire.com/articles/42839-millennials-will-spend-45-of-income-on-rent-before-age-30 http://michiganradio.org/post/affordable-housing-out-reach-many-michigan-renters-study-says