1. The Rent is Too High! Or is it? Examining rental costs as a % of household Income in the Commonwealth of Virginia since the recession to 2012.

2. The Rent is Too High! The Rent is Too Damn HighMedia catching slogan made popular by Jimmy McMillan, New York City Mayoral candidate in 2009 and 2010 of The Rent is Too High PartyMcMillan and The Rent is Too High Party asserted that rental housing rates in the City of New York were too highHigh rental rates were the cause of financial stress and high unemployment among the residents of the cityImage 1 3. Rent isnt just high In New York City it seems Harvard releases a study finding that rent is going up faster than incomes can keep up with 50% of renters (21.1 million) are identified as cost burdened 30% of gross income is dedicated to housing cost 28% of renters (8.8 million) are identified as severely cost burdened 50% of gross income is dedicated to housing cost Rents have increased (+)6% (20002012) while income earnings have dropped (-)13% during the same period Income has not kept up with rent rates and as such has increased income burdens for large amount of rentersImage 2 Full Harvard Study Here: http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/ahr2 013_05-affordability.pdf 4. Is the rent too high in Virginia?... In the Commonwealth of Virginia 46% of renters are identified as cost-burdened% of Renter Households Income Encumbered 47% 46% 30% of income dedicated to renting costs According to 2012 estimates from the U.S. 46% Census Bureaus American Community Survey data43% of renters were identified as cost burdened in 2007 3% increase from 2007-2012The reported median gross rent in Virginia in 2012 was $1,068In 2007 median gross rent was $892From 2007-2012 rent in Virginia has increased 20%*Data Pulled from U.S. Census Bureaus American Community Survey Fact Finder45%44%43%43%42%41%40% 20072012 5. The rent may not be too highstill outpaces income Rental prices have increased 20% from 2007-2012Income has only increased 6% during the same time period 2007 Mean Income: $79,711 2012 Mena Income: $84,641Households reporting income greater than () $30,000 increased 0.5%10%20%5%6% 0%*Data Pulled from U.S. Census Bureaus American Community Survey Fact Finder% Change in Rent% Change in Income 6. Summary 30% or more of gross income dedicated to housing costs among renters is viewed as cost burdened Harvard study shows on a national level that more renters are cost burdened Rental prices have increased at a rate greater than income Virginia rental rates have increased 20% since 2007 while income has only increased by 6% The % of Virginia renter households identified as cost burdened have increased by 3% since 2007 Despite increases in income, it does seem that rental rates have outpaced income in Virginia as well 7. References Image 1https://www.google.com/search?q=rent+is+too+high&rlz=1C1TSNO_enUS484US484&espv=210&e s_sm=93&source=lnms&tbm=isch&sa=X&ei=gtgbU8ENKGbygHoloCQDA&ved=0CAoQ_AUoAg&biw=1366&bih=667#facrc=_&imgdii=_&imgrc=sI Ww9lyS3ryDXM%253A%3BkccyCcCgpDHGXM%3Bhttp%253A%252F%252Fwbbw1.bwbx.io%2 52Fcms%252F2013-1209%252F1209_mcmillan_630x420.jpg%3Bhttp%253A%252F%252Fwww.businessweek.com%252 Farticles%252F2013-12-09%252Fharvard-study-finds-the-rent-is-too-damn-high%3B630%3B420Image 2http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/ahr2013_05-affordability.pdf