Millions of Americans Are Squeezed by Rent: See How Your City Stacks Up2022-12-262022-12-09https://www.hoosier-realtors.com/wp-content/uploads/2016/09/Hoosier-Logo.pngHoosier, REALTORS®https://hoosier-realtors.com/wp-content/uploads/2022/12/hoosier-realtors-1-1.png200px200px
More than 4 in 10 renting households are “burdened” by how much they’re paying in rent each month.
These tenants are putting more than 30% of their income toward housing costs, according to a new housing data report from the U.S. Census Bureau. The general rule is that people shouldn’t spend more than 30% of their earnings, before taxes, on housing.
That’s become more difficult to do. Rents have risen rapidly in the past few years. Nationally, tenants are paying about 25% for their rentals from 2016 through 2021, according to census data. However, incomes have increased only about 11% over the same period. (The rental data goes through only to 2021.)
