Rent Burdens Persist for Low-Income Families Despite Slowing Rental Price Growth
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Renters remained burdened in Q3 2023, with rent taking 30% of income on average. This is the threshold for being considered rent-burdened.
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Lack of inventory growth in affordable housing contributed to persistent rent burden, especially for lower-income families.
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Income growth outpaced rental price growth in early 2023, stabilizing the national rent burden around 30%.
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New York City remained the most rent-burdened metro area at 64.2%, followed by Miami at 42.2%.
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Rising insurance costs for landlords contributed to rent burdens, but did not significantly impact prices in moderate-demand markets.