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Millions of Americans are being squeezed by rent?
Dec 10, 2022
Millions of Americans are being squeezed by rent? Seattle
By   Internet
  • City News
  • Rent
  • Rentals
  • Rent Trends
Abstract: More than four in 10 renter households are burdened by the monthly rent they pay.

These renters spend more than 30 percent of their income on housing costs, according to a new U.S. Census Bureau report on housing data.

 

The general rule is that people should not spend more than 30 percent of their pre-tax income on housing.

 

This has become increasingly difficult to do.

 

Over the past few years, rents have risen rapidly.

 

Nationwide, tenants are paying about 25 percent for their rent from 2016 to 2021, according to Census data.

 

However, incomes have only increased by about 11 percent over the same period. (The rent data only lasts until 2021).

 

In Miami-Dade County, more than 60 percent of the more than 450,000 renter households pay more than 30 percent of their income for housing.

 

Nationwide, in 1 in 17 counties, more than half of renters are burdened by housing costs.

 

New data from the U.S. Census Bureau shows that 19 million renter households pay more than 30 percent of their income for housing, which is classified as a burden by the Department of Housing and Urban Development.

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Millions of Americans are being squeezed by rent?
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