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"Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data.
The data, released Thursday as part of the US Census Bureau’s 2023 American Community Survey, underscores the gravity of America’s home-affordability crisis: Not only has buying a home become prohibitively expensive for many Americans, but so too has renting one.
“Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. “The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation).”
That equates to a 3.8% increase in rent, outstripping the 1.8% increase in home values, according to the Census Bureau.
Households that spend more than 30% of their income on rent, mortgage payments or other housing costs are considered “cost-burdened” by the US Department of Housing and Urban Development. The survey indicates that more than 21 million households are in that situation.
... While mortgage rates are still elevated by recent historical standards, they have been falling recently in anticipation of a Fed interest rate cut this month. Last week, the 30-year fixed-rate mortgage averaged 6.20%, the lowest level since February 2023. ..."
