The economy has been a major topic in the run-up to the Nov. 5 election, and how people perceive housing affordability is expected to be an important issue on voters' minds.
In swing states, which likely will play a major role in deciding who wins the election, the typical renter is 'rent burdened," which means they spend more than 30% of their income on housing, according to a Redfin report. The average household in swing states earns about $50,267 per year, about $10,365 less than they need to earn to afford a median-priced apartment. A swing state renter making the median income would now need to spend 36.2% of their income to rent a median-priced apartment, down from 38.5% last year and 37.8% during the prior election cycle, said Redfin.
Rental affordability has been improving thanks to rising incomes and downward pressure on rents prompted by a post-pandemic homebuilding boom.
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