Half of US renters are 'cost-burdened' by their housing

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Half of US renters are 'cost-burdened' by their housing
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Chloe Nordquist is a national journalist for the E.W. Scripps Company. She has a passion for telling community stories and giving a voice to the voiceless. Chloe has had the opportunity to report across the world, as far as Milan and Berlin. Previously she worked at news stations in California’s Central Valley and Southwest Florida.

Many renters are spending too much on housing.New data from the United States Census Bureau shows more than 21 million renters spent at least 30% of their income on housing in 2023. This is from the 42.5 million renter households for whom rent burden is calculated.At that level, it’s called being 'cost-burdened,' according to the Department of Housing and Urban Development.The study also shows cost-burdened households disproportionately affect certain groups.

The average apartment size is just under 700 square feet.Due to the high costs, people are moving.One study found states like California and New York are consistently losing renters to cheaper states, like Texas and Florida.RELATED STORY | Here's where rent prices are dropping and rising in the USAn analysis by Redfin in July found that the largest drop in rental price across the 33 metro areas was in Austin, Texas, with a 12.6% decrease from the year prior.

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