1 In 4 Renters Have To Use Half Their Income For Housing

Dated: 05/06/2015

Views: 416

More than one in four U.S. renters have to use at least half their family income to pay for housing and utilities.

That's the finding of an analysis of Census data by Enterprise Community Partners. The number of such households has jumped 26 percent to 11.25 million since 2007.

Since the end of 2010, rental prices have surged at nearly twice the pace of average hourly wages, according to data from the real estate firm Zillow and the Labor Department.

Since the recession recovery began, income has failed to match rent increases. At the same time, construction has failed to keep pace with demand.

More than 30 percent of renters in California, Florida, New Jersey and New York state devote at least half their incomes to housing and utilities. Other than Alaska, South Dakota and Wyoming, at least 20 percent of renters in every state face similarly high costs relative to income.

Blog author image

Michael Steffen

My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area. I specialize in advanced marketing, buying, selling and investing for seasoned, as well as first time....

Want to Advertise on this Site?

Latest Blog Posts

A Peak Inside Chip And Joannas Farmhouse

I have to say my husband and I are big fans of the Gaines family!  Unfortunately, I have way too much eccentric decor from my self proclaimed artist days and not to mention a mish-mash of hubby

Read More

Real Estate On A Personal Level

I’m going to be a “me monster” for a moment, but I promise this info will help you out too!  I got into real estate here in Castle Rock for many reasons.  The one that has

Read More

Bubbbbbbbblesss

All the "bubble" talk reminds me of the yellow fish in Finding Nemo.  Every time that little pirate chest opens and the bubbles come out he gets so excited (hilarious)!  People get very

Read More

Building 1 Million In Net Worth By Investing In Real Estate

Words literally taken from the title of the article.  These are the kinds of ideas I'm talking about for those of you who want to make real estate investment a part of your business (making a

Read More