Nearly half of renters spend more than 30% of income on housing, Census Bureau finds
Published On Sep 12, 2024, 6:07 AM
The Census Bureau has reported that nearly half of U.S. renters, over 21 million households, now spend more than 30% of their income on housing costs, categorizing them as 'cost-burdened'. This situation has worsened as housing costs increased from 2022 to 2023. The study highlights significant disparities, showing that the proportion of rent-burdened households varies notably across different races. For example, 56.2% of Black or African American renters are financially strained by their housing costs. Even among homeowners, about 18.8 million are similarly burdened.