US Renter Households Face Cost Burden in 2023
Nearly half of U.S. renter households were cost-burdened in 2023, spending over 30% of their income on housing. The median rent increased by 3.8%, outpacing the rise in home values for the first time in a decade.
| Score | Value |
|---|---|
Scale | 9 |
Novelty | 5 |
Positivity | 2 |
Reliability | 9 |
Actionability | 3 |
Society | 8 |
Journalism | 4 |
Highlights
- In 2023, 49.7% of U.S. renter households spent more than 30% of their income on housing costs.
- The median cost of housing for renters rose from $1,354 to $1,406, a 3.8% increase, while home values increased by 1.8%.
- 56.2% of Black or African American renter households were cost-burdened, compared to 46.7% of white renter households.
- More than 21 million renter households were classified as cost-burdened in 2023.
- The cost of rent and utilities rose faster than home values for the first time in a decade.
Perspectives
- The data highlights a significant housing affordability crisis in the U.S., with many households struggling to afford rent and facing economic insecurity as a result. [5][6][8]
- The rising costs of housing are linked to broader economic policies and trends, including the Federal Reserve's interest rate adjustments and the ongoing demand for housing post-pandemic. [4][7]