Rent Increases Hit Record Highs Across U.S. in 2023
Census Bureau data reveals the steepest rent hikes in over a decade, with nearly half of renter households spending over 30% of their income on housing.
- The median gross rent in the U.S. rose to $1,406 in 2023, marking a 3.8% increase from the previous year.
- Maine, New Mexico, and Utah experienced the largest rent increases, with Maine seeing a 15.1% rise.
- Despite rising costs, the portion of household income allocated to rent remained steady at 31%, indicating that wages may have kept pace with rent increases.
- States like Illinois, Kansas, and New York saw a decrease in the portion of income spent on rent, suggesting regional variations in economic conditions.
- The share of the population renting homes remained consistent at 34.8%, even as rents grew faster than home values for the first time in a decade.
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