(Slate) -- The rental crisis has grown so severe that some states have virtually no affordable apartments available for the lowest-income families, according to a new report from Freddie Mac, which finances loans for apartment buildings.
The report focuses on very low-income households, defined as those that earn less than 50 percent of the area median income. In rich areas, like New York City, a single renter could make $33,000 a year and be under that threshold. In poorer regions, AMI is much lower.
Freddie Mac tracked apartments that had been financed twice between 2010 and 2016, a period of low wage growth, and found that their rents had risen rapidly. Nationally, apartments affordable to very low-income families dropped from 11.2 percent to 4.3 percent.
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