Half of U.S. renters paying more than they can afford

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

That’s defined as rent using up to more than 30% of your income.

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

The median asking price for rent is just above $17 hundred which is down $63 from its peak in July 2022.

That’s going to vary from city to city.

But even in Manhattan, rent has dropped for the first time in more than 2 years in November.