Link Found Btwn Unaffordable Housing & Premature Death; Study Reveals

By: Darren Pavolski

A recent study published in the prestigious journal Social Science & Medicine has brought to light a disconcerting correlation between unaffordable housing costs and premature death.

The rent is killing people.

Researchers from Princeton University, collaborating with the US Census Bureau’s Center for Economics Studies, uncovered a grim trend that underscores the life-threatening consequences of exorbitant rent burdens.

The study’s findings paint a chilling reality: individuals allocating half of their income toward rent in 2000 faced a staggering 9% higher likelihood of passing away over the subsequent two decades compared to those directing only 30% of their income toward rent. Moreover, those grappling with a staggering 70% of their income devoted to rent saw a harrowing 12% increase in their risk of premature death over that time period.

Nick Graetz, the lead author of the study and a postdoctoral research associate at Princeton, expressed astonishment at the profound link between housing costs and mortality risk. Graetz highlighted the widespread impact of rising rents, stating, “It’s an especially big problem when we consider how many people are affected by rising rents. This isn’t a rare occurrence.”

Escalating rents, outpacing wage growth, have left the average American renter allocating 30% or more of their income solely to housing expenses. In 2019, a staggering four out of five renter households earning below $30,000 grappled with the burden of unaffordable housing costs.

Using a comprehensive dataset in collaboration with the Census Bureau, the Princeton researchers meticulously tracked individual renters from 2000 onward. Their analysis of millions of records unveiled a distressing nexus between rent burden, eviction threats, and mortality rates among individuals.

The study’s revelations extended beyond the mere financial strain of unaffordable rent. Facing eviction threats alone was associated with a daunting 19% surge in the risk of premature death. Moreover, receiving an eviction judgment translated to a chilling 40% escalation in the likelihood of facing mortality.

Graetz emphasized the pivotal role of housing in American families’ budgets, highlighting the trade-offs they’re forced to make when confronted with soaring rents. “As rents go up, families cut back on other spending, including on essentials that affect their health,” Graetz told the outlet.

Struggling households, burdened by moderately high rent expenditure, curtailed healthcare expenses by a whopping 57% and reduced spending on food by 17% compared to unburdened counterparts, especially impacting households with children. The study underscores the urgent need for addressing the affordability crisis in housing to mitigate its severe health implications, urging policymakers to consider the broader public health consequences of unaffordable living conditions.

In August, the Federal Reserve Bank of New York released its Household Debt and Credit Report for the second quarter of 2023 with one particularly eye-popping statistic: Americans had surpassed a combined total of over $1 trillion in credit card debt. Three months later, the balance had already gone up an additional $48 billion.

“I think the U.S. consumer is walking towards a cliff, basically. They’re running out of cash; they feel a bit excess thing; they’ve been run down quite hard,” Chris Watling, CEO at Longview Economics, told CNBC News.