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Affordability Crisis Deepens as Renters Face Rising Housing Costs

The number of US renters facing affordability issues hit 51.8% in 2023.

By Mario Marroquin | December 02, 2024 at 06:55 AM

More than half of U.S. renter households are spending an unsustainable share of their income on housing, wiping out affordability gains made over the past decade. According to a recent report from Apartment List, using U.S. Census data, 51.8% of renters were cost-burdened in 2023, up from 48.4% in 2019.

Despite an uptick in new housing supply and falling rents in some markets, affordability has worsened. Analysts attribute this to the rapid rent spikes of 2021 and 2022, which outpaced wage growth and left a record 22 million renter households paying more than 30% of their income on housing. Of those, 26.4% are “severely cost-burdened,” spending over half their income on rent.

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