The Federal Reserve Board issued its Economic Well-Being of U.S. Households in 2022 report, which examines the financial lives of U.S. adults and their families. The report found that despite a strong labor market, with one-third of adults receiving a raise or promotion last year, high prices negatively affected most households. The survey found that self-reported financial well-being fell sharply and was among the lowest observed since 2016.
In addition to this, the report found that 17% of renters were behind on their rent at some point in 2021, including 8% who were behind at the time of the survey in late 2021. Among those still behind in late 2021, the total outstanding back rent was between $9.3 billion and $10.9 billion.
This report highlights the need for affordable housing advocacy groups to continue their work in ensuring that all Americans have access to safe and affordable housing.