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Greater than 4 in 10 renting households are “burdened” by how a lot they’re paying in lease every month.
These tenants are placing greater than 30% of their revenue towards housing prices, in accordance with a new housing knowledge report from the U.S. Census Bureau. The overall rule is that individuals shouldn’t spend greater than 30% of their earnings, earlier than taxes, on housing.
That’s turn out to be harder to do. Rents have risen quickly up to now few years. Nationally, tenants are paying about 25% for his or her leases from 2016 by 2021, in accordance with census knowledge. Nevertheless, incomes have elevated solely about 11% over the identical interval. (The rental knowledge goes by solely to 2021.)
In Miami-Dade County, greater than 60% of the 450,000-plus renting households are paying greater than 30% of their revenue to cowl their housing. Throughout the nation, in 1 out of each 17 counties, greater than half of the renters are burdened by housing prices.
“We’ve heard for some time now that incomes weren’t maintaining with the elevated value of housing,” Molly Cromwell, a demographer within the Census Bureau’s Housing Statistics Department, mentioned in an announcement. “With the latest knowledge, we are able to see simply what number of households have been burdened by the price of their housing.”
We needed to dig into the numbers so you possibly can see for your self how rent-burdened varied counties are across the nation. Hover over the map under to study concerning the portion of renters who’re battling their housing prices in counties throughout the U.S.
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