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.
More than 56% of Black renter households in the U.S. spent 30% of more of their income on housing in 2023.
Nearly 52% of Native Hawaiian or Pacific Islander renter households were cost-burdened.
Average rent in the United States is $1,563 a month, according to Apartments.com. 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 US
An 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. Austin was followed by Jacksonville, Florida at a 12.4% decrease.
Areas with the highest rent increases were Midwest and Northeast metro areas.
@scrippsnews 🏠 How much do you pay for rent? According to statistics from the Census Bureau, around half of U.S. renters are spending more than 30% of their income on housing. #rent #housing ♬ original sound - Scripps News
