Posted 1/30/2024, 9:04:00 PM
Half of US Renters Severely Burdened by Unaffordable Housing Costs Despite Slowing Rent Growth
- Half of US renters are paying more than they can afford for housing after years of surging rents
- Nationally, rents declined for the 8th straight month in December but are still 22% higher than pre-pandemic levels
- 22.4 million households pay more than a third of income toward rent, with 12 million severely cost burdened
- Rent growth is cooling thanks to increased apartment construction, but affordability issues persist
- Multifamily building boom may slow in 2023, limiting new supply amid high demand from aging generations