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National  + Apartments  | 
IHO Launches HIFund to Benefit Affordable Housing

Report: Renter Unaffordability Remains Rampant

Apartment List’s recently released 2018 Cost Burden Report offered good news and bad news. First, the good news: Nationally, the share of cost-burdened renters fell from 49.7% in 2016 to 49.5% in 2017, the sixth straight year the figure decreased. Even better is that the 2017 cost-burden rate is the lowest since 2007.

The bad news? Much of that decrease can be pinned to an influx of high-income households into the rental market. This means that the total number of rent-burdened households in 2017 was greater than the 2007 level by a total of 3.1 million.

Apartment List defines “moderately burdened” households as those spending 30%-40% of household income on rent. Severely-burdened households end up spending more than 50% of their income on rent.

Delving into the metros, Miami has the highest cost-burdened rate out of the nation’s 100 largest metros, at 62.7%. Still, Apartment List found that the median renter is cost-burdened in 20 out of the 25 largest metros, with nearly one in three cost-burdened renters live in California, New York or Florida.

Meanwhile, in a separate study, information from Rent.com noted that

  • It’s more expensive to rent housing in Detroit than Seattle, due to lower median annual income
  • New York and Boston are notoriously expensive places in which to rent
  • The three most affordable locations are in Texas; in Austin 24% of income goes to rent, while 23% of income in Fort Worth is dedicated to rent. Meanwhile, in El Paso, 21% of income pays for rent.

For comments, questions or concerns, please contact Amy Sorter

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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