Increased Rental Cost Burden
The number of households renting in the U.S. has increased by 9 million since 2005–to a total of 43 million households. During the same period, only 8.2 million rental units were added–so supply of housing is less than demand–which means rents are going up. As a result, 21.3 millions households pay more than 30 percent of their income for rent–meaning they are cost burdened. For the lowest income households (those making less than $15,000), 84 percent were cost burdened. Because rents are going up much faster than incomes, we can expect this trend will continue.
This information is from a study “America’s Rental Housing: Expanding Options for Diverse and Growing Demand” from the Joint Center for Housing Studies of Harvard University.