Although a slowing rental-housing market may mean more concessions and even rent cuts in some locations, effectively half of America’s renters currently are considered cost-burdened.
That’s according to one-year estimate data from the U.S. Census Bureau’s 2023 American Community Survey released last week. It found 21.1 million renters spent 30% or more of their income on housing costs last year — a reference to a commonly used threshold for housing affordability. That volume represents 49.7% of the 42.5 million rental households in the United States.
Source: https://www.bizjournals.com/phoenix/news/2024/09/16/rental-households-cost-burdened.html
