Nearly Half of U.S. Renters Spend Over 30% of Income on Housing

New Census data reveals significant rent burden disparities by race and a rise in housing costs outpacing home values.

In 2023, 49.7% of U.S. renter households were cost-burdened, spending more than 30% of their income on housing.
The median cost of housing for renters rose by 3.8% to $1,406, while home values increased by only 1.8%.
Black and Hispanic renters faced the highest cost burdens, with 56.2% and 53.2% respectively spending over 30% of their income on housing.
The rise in rental costs follows pandemic-induced housing market disruptions and sustained high mortgage rates.
Housing affordability has become a key issue in the 2024 Presidential race, with candidates proposing various solutions to address the crisis.