Half of Renters Experience Housing Cost Burdens

By:
Chris Gaetano
Published Date:
Dec 15, 2017
By Photos public domain [Public domain], via Wikimedia Commons

Nearly half of all renters spend more than 30 percent on of their incomes on rent, and a full 25 percent pay more than half, according to CNN Money. While these numbers are a slight improvement from where they were in 2014, it none the less represents tens of millions of renters using a significant portion of their incomes on housing, which makes it more difficult to allocate savings and can lead to terrible choices like having to decide to skimp on groceries to make rent. This increase has been most dramatic among those earning between $30,000 and $45,000: half of those at this income level report paying at least 30 percent of their income on rent, a 37 percent jump from 2001. Part of this is due to the increased focus on high-end units catering to those making more than $100,000 a year, who have driven almost 30 percent of renter growth in the past decade. CNN Money said that the median price for new apartments has increased by 27 percent between 2011 and 2016. Supply for affordable apartments has simply not kept up with demand. 

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