In light of a national housing shortage and economic challenges, a recent report reveals that 22.6 million renter households are spending more than 30% of their income on housing costs, marking a significant increase since 2019. The trend highlights a worsening affordability crisis, impacting even middle-income households. While rent increases have slowed down from their pandemic highs, the longstanding issue of rental cost burdens continues to affect a wide range of income levels. Experts suggest that addressing affordability requires concerted efforts by cities to promote sustainable housing policies.
As of 2023, 22.6 million renter households spent more than 30 percent of their income on rent and utilities, up by 2.2 million since 2019.
There's two things. Since 2021, we saw rents going up at double-digit rates... in 2024, they were growing at more like an inflationary clip, so 'better.'
The affordability crisis has been a quiet issue growing over the last two decades, affecting renters across various income groups.
A full-time job is no guarantee that housing will be affordable. Indeed, 36 percent of fully employed renters were cost-burdened in 2023.
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