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Rent affordability: 11 million Americans spend half their income on rent
More Americans are struggling to make rent. The number of renters dedicating at least half of their income toward housing hit a record high of 11 million people in 2014, according to the annual State of the Nation's Housing Report from the Joint Center for Housing Studies of Harvard University. A total of 21.3 million are spending 30% or more of their paycheck to cover the rent -- also a record high. Personal finance experts generally suggest budgeting around 30% of monthly income to cover housing costs.