US Household Spend over 27% of Income towards monthly rent 

By
Real Estate Broker/Owner with Charles Stallions Real Estate Services

US Household Spend over 27% of Income towards monthly rent 

The National Apartment Association (NAA) recently released new research analyzing rent-to-income percentages, which are based on professionally managed residential lease applications screened by TransUnion’s ResidentScreening platform. As the nation continues to grapple with housing affordability challenges, this analysis will help illustrate the actual conditions on the ground for countless renters and rental housing providers. Further, it will help the rental housing industry, policymakers and stakeholders understand the hyper-local issues and complexities that contribute to housing affordability.

Importantly, the analysis found that U.S. renters spent on average 27% of their income on rent and that just six states exceeded the 30% threshold, often cited as cost-burdened households. Further, the analysis shows that the percentage of income that households spent on rent remained relatively flat year-over-year, as of Q1 2021, the average share of income households spent on rent was 27.6%.

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Comments (2)

Tom Bailey
Margaret Rudd & Associates Inc. - Oak Island, NC

Interesting post. I agree that generally  buying is preferable to renting! That said, there are times when renting is better! I am in that situation right now! I have some commercial property for sale. Iwill be able to buy more of want when I sell something!

Jan 22, 2022 11:28 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Charles Stallions rents are through the roof over here in CT.  It is getting to the point that the rent is higher than a mortgage payment on a comparable home.

Jan 22, 2022 01:42 PM