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

Dated: 05/06/2015

Views: 439

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 and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....

Latest Blog Posts

Are you still on Facebook...

Well, I’m glad you are!  Guess what summer is coming to an end, but there’s still time to spruce up your yard to get it ready to sell!  Check out what Realtor.com has to say

Read More

UNDER CONTRACT Mountain Getaway With Gorgeous Views

UNDER CONTRACT10241 Thorodin Dr, Golden, CO 80403Listed By Kevin Fletcher and Tatiana Torres - Exit Realty Cherry Creek3 Bedrooms 4 Bathrooms 2,400 sqft.Feels more like a mountain

Read More

UNDER CONTRACT Gorgeous Mountain Home CLOSE TO THE CITY

UNDER CONTRACT10241 Thorodin Dr, Golden, CO 80403Listed By Kevin Fletcher and Tatiana Torres - Exit Realty Cherry Creek3 Bedrooms 4 Bathrooms 2,400 sqft.Feels more like a mountain

Read More

8 Things Home Sellers Should Never Reveal (Except To Their Realtor)

8 Things Home Sellers Should Never Reveal (Except To Their Realtor)When homeowners decide to sell, they may find themselves justifying their choice to anyone who’ll listen. But, as the old

Read More