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Households that pay more than 30% of their income on rent are considered rent-burdened. A typical renter is near or above this threshold in all of Americas population centres (that is, the large bubbles).
How many people in the US are rent burdened?
Nearly Half of Renter Households Are Cost-Burdened, Proportions Differ by Race. SEPT. 12, 2024 Over 21 million renter households spent more than 30% of their income on housing costs in 2023, representing nearly half (49.7%) of the 42.5 million renter households in the United States for whom rent burden is calculated.
What percent of income do Americans spend on rent?
About $1.3K per month, or 31.7% of their income, in 2022. This is measured by comparing median rent and median monthly income for renting households.
Are Americans struggling to pay rent?
The US Census Bureaus American Community Survey found that in 2023, 22.6 million renters, or 50% of tenants, couldnt afford their housing costs.
Do 77% of people in the US prefer to rent instead of buying a home?
77% of the people in the US prefer to rent instead of buying a home. Over the last decade (from 2013 to 2023), rent inflation has outpaced currency inflation by 40.7%. 127 working hours is the weekly requirement for minimum wage earners to afford the average apartment. Only 37% of renters have renters insurance.
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