(November 27, 2024) As affordability has eroded, more renters than ever are struggling with housing costs. In a newly released report, the Apartment List Research Team analyzes the latest Census data to better understand this worsening issue - read our full Cost Burden Report here.The National Outlook:
52% of the nation’s renters are cost-burdened, meaning they spend more than the recommended 30% of their income on housing. This cost burden rate has been trending up steadily since 2019, as growth in rents has outpaced growth in incomes. In total, today there are over 22 million rent-burden households across the United States, a new record.
The Local Outlook:
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Broadly speaking, rent burden is geographically concentrated in two types of markets: coastal markets with sky-high rents, and sunbelt markets where rents have grown rapidly over the past five years. Cost-burden rates have worsened since 2019 in 49 of the nation’s 50 largest metros.
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In Tucson metro specifically, 55% of renter households spend at least 30% of their income on rent, and 29% spend more than half.
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Since pre-pandemic, the local cost burden rate is up 5%.
The map below shows the latest renter cost burden rates for all major metropolitan areas.
For more national and local insights, check out the full report here,