(C) Common Dreams
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The Typical American Renter Is Now Rent-Burdened, a Report Says [1]
['Anna Kodé']
Date: 2023-01-25
The typical American renter is now rent-burdened — meaning that 30 percent of the median U.S. income is required to pay the average rent, according to a new report from Moody’s Analytics.
“This 30 percent is a symbolic threshold, a milestone,” said Thomas LaSalvia, the director of economic research at Moody’s.
Reaching this threshold puts typical American renters — who earn the median income and pay the average rent — where they have never been before, Mr. LaSalvia said. (According to the Pew Research Center, about 36 percent of American households rented, rather than owned, their homes in 2019, the last year that reliable data was available from the Census Bureau.) Moody’s first started tracking the metric in 1999, when the typical rent-to-income ratio was 22.5 percent.
The rent-to-income ratio was calculated by comparing the national median household income, $71,721, with the average monthly rent, $1,794, for 2022. The current 30 percent figure is an increase from 28.5 percent in 2021, and from 25.7 percent in 2020. In 2019, before the pandemic, renters with the median income would be spending 27.2 percent of their income on the average rent.
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[1] Url:
https://www.nytimes.com/2023/01/25/realestate/rent-burdened-american-households.html
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