Report: Half of US tenants can’t afford rent

(CNN) – If you can’t afford rent, chances are you are far from alone.

According to Harvard University, half of all renters in the U.S. are paying more in rent than they should.

That is defined as rent using up more than 30% of your income.

The good news is rent is actually coming down in most of the country.

The median asking rent is just above $1,700, which is down $63 from its peak in July of 2022.

That’s going to vary from city to city, but even in Manhattan, New York, rents dropped for the first time in more than two years in November.