According to the U.S. Department of Housing and Urban Development, a household that spends more than 30% of its income on housing is deemed to be cost-burdened. If it spends more than 50%, it’s considered severely burdened. In 2023, 54% of all renters spent more than 30% of their pretax income on housing. That's up from 43% of renters in 1999.
The median home price in the U.S. at $416,900 requires a lower mortgage rate to keep housing costs affordable, highlighting a significant affordability crisis for potential buyers.
Ludicrous No. 3 is nearby, and it's where Niche really dropped the ball: The Theater District. That's the 13 jam-packed blocks that are home to Broadway shows such as "Wicked" and "The Lion King." It's also the location of Times Squareâthe most popular tourist destination in the US, with 50 million visitors a year, all of whom gawk transfixed at giant LCD screens as they walk like turtles.