Good News and Bad News for Renters in 2018
Last month, Apartment List released its 2018 Cost Burden Report. At first glance, things are looking up for renters across the country—but a slightly deeper dive reveals a less rosy picture.
Overall, the share of renters paying 30% or more of their income on housing fell from 49.7% to 49.5% over the past year. This minor decrease continues a slow but steady multi-year downward trend.
But don’t celebrate too much yet. Researchers are primarily attributing this reduction in cost burden to increasing higher-income households entering the rental market. The number of renter households earning more than $100,000 has doubled since 2007; only 3.6% of these were cost burdened in 2017.
Over that same period, the share of renter households earning $35,000 or less who are cost burdened jumped from 76.6% to 83.2%.
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