Biden expected to address housing crisis in State of the Union speech

LOS ANGELES — The U.S. job market is easing and inflation appears to be cooling, but one sector of the economy is still leaving Americans cost-burdened: housing.

Nearly half of U.S. renters are spending one-third of their income on rent, according to a new study out of Harvard University's Joint Center for Housing Studies.

In California, the average value of home is eight times higher than the median household income for residents.