Nearly Half Of Renter Households Are Cost-Burdened, Proportions Differ By Race

About 49.7% of the 42.5 million renter households in the United States spent more than 30% of income on housing costs in 2023. The overall income-to-housing ratio was the same as the previous year’s 31%, but according to new data collected by the 2023 American Community Survey (ACS), race-based differences are emerging. The median cost of housing for renters rose 3.7% in one year, from $1,354 in 2022 to $1,406 in 2023.

Households are defined as cost-burdened if housing costs exceed 30% of income, and they are severely cost-burdened . . .