[NEWS] Thousands in Philly spending half or more of their paychecks on rent
From CBS Philadelphia:
It's the first of the month, and for many, rent is due. Housing is the biggest expense for those living paycheck to paycheck.
Many people in the City of Brotherly Love are being priced out on rent. Financial experts say, generally, people should spend about 30% of their income on rent. That's ideal so people have money left over for other essential.
But, CBS News Philadelphia found tens of thousands of people living in the city spend half or more of their paychecks on rent alone.
"It's very difficult," Cynthia Blocker said.
Blocker remembers her biggest monthly bill was a $950 rent check for her one-bedroom apartment in Philly, eating up more than half of her income. " It was basically living like paycheck to paycheck," Blocker said.
She didn't have enough to cover other basic expenses like food and utilities.
"It was either between paying rent or buying groceries or what bill am I going to go over balance this month?" Blocker said.
She's not alone.
CBS Philadelphia obtained new data from the U.S. census showing 88,228 renters in Philly spend at least half their income to have a roof over their heads.
Put another way, 88,000 is over the seating capacity at Lincoln Financial Field and the Wells Fargo Center combined.