Rent Burdens Reach New Highs Across US Income Brackets
- Half of US renters now spend over 30% of income on housing, earning "cost burdened" designation
- 12.1 million spend over 50% of income on housing with "severe" burdens
- Rent burdens grew fastest for middle-income households but increased across income spectrum
- There are signs rental market is cooling - more vacancies and units in development
- But rents still up 19% over pre-pandemic levels, leaving many struggling