Rents in cities across the US are more expensive than ever before. Here are 5 drastic measures people are taking to avoid rising housing costs.
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- Rent and housing prices in America's biggest cities are unaffordable for many residents.
- It can take up to 10 years to save for a median-priced home in some places - which can be hard to do when the median US rent is $1,700.
- People are living in basements, turning vans into homes, and commuting hours to avoid rising housing costs.
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Rent in America's biggest cities is sky-high.aspiring homeowner, who needs to spend four to 10 years saving enough cash for a 20% down payment on a median-priced home in one of the 25 largest US cities, according to a recent SmartAsset study. That's assuming they're a median earner saving 20% of their annual income for the down payment.
From insufferable commutes to living in vehicles, here are the drastic measures Americans are taking due to a lack of affordable housing.