Throw the financial rule about only spending 30 percent of your income on housing out the window. With rising rent costs and historically low wages, more people than ever are having to break the rule to keep a roof over their heads.

According to a recent study by CardRates, an educational site offering consumers information about credit cards, over 76 percent of Americans are spending over 31 percent of their gross monthly income on housing — and many spend more than that.

“These statistics are deeply troubling,” said Erica Sandberg, a CardRates finance expert. “The more money people spend on housing, the less they have for essential bills and for enjoying life.”

The study also revealed that over half of respondents said they spend more than 50 percent of their monthly income on housing costs like their mortgage and utilities.

This issue largely stems from the housing affordability crisis that has now impacted almost half of U.S. renters, resulting in an increase in eviction filings and a record increase in the number of people unhoused.

As the crisis worsens, people continue to face other systemic financial emergencies – skyrocketing grocery prices, stagnant wages and high cost of living.

Members of the millennial and Gen Z generations bear the brunt of the housing affordability crisis and spend substantially more on housing than other generations. In the study, 59 percent of millennials said they spend over half their monthly income on housing expenses, while only 45 percent of Gen Zers said they do the same.

Read more: Cost of housing is a top issue for Gen Z voters, new study finds

Between 2019 and 2023, the cost of rent jumped to 30.4 percent nationwide. This has caused a record number of young Americans (31 percent) now aging into homeownership to move back in with their families or never move out.

While some people are moving back in with their families, Sandberg says others are taking on debt. “Unfortunately, sometimes people put the difference on their credit cards, and then rack up expensive consumer debt,” she reports.

The CardRates study surveyed 1,002 consumers evenly divided between Gen Zers and millennials finding that 55 percent of female respondents spend over half their monthly salary on housing expenses, while only 47 percent of male respondents said they spend similarly.

Many of the female respondents are likely experiencing extreme financial pressure to maintain a basic necessity like housing, especially with 13 percent of the women surveyed spending between 71 and 80 percent of their monthly income on housing expenses.

While women are spending more on housing expenses, men are spending less. The study found that only 10 percent of men are spending between 71 and 80 percent.

Instituting rents caps and assisting first-generation homeowners have been named by advocates and politicians as ways to tackle the housing affordability crisis impacting 22.4 million renters.

Sandberg suggests otherwise and that renters should look for opportunities to earn more, such as participating in the gig economy or taking on part-time work to relieve the pressure of affording housing.