Thursday, December 17, 2015
With the U.S. homeownership rate at its lowest since 1967, the U.S. renter population is the largest it has ever been, and now stands at 43 million households. The share of U.S. renters facing cost burdens, however, has risen steadily in the past 50 years, from 24% in 1960 to 38% in the year 2000. Since then, rents have continued to rise steadily, increasing by 3.2% last year – twice the pace of overall inflation.
The past few years have seen modest increases in renter incomes, but they are still lower than 2001 in inflation adjusted terms. As a result, the share of cost-burdened renters (paying more than 30% of their income on rent) has risen in many cities and states across the nation. According to the census data used in our analysis, the share of cost-burdened renters is 40 percent or higher in all but two states as of 2013.
Tags: apartment list , rent , expenses , low income , pay us a living wage , tucson