We have continued to see rising shelter costs in the inflation data we’ve posted. Now a new report from the U.S. Census Bureau says over 21 million renter households spent more than 30% of their income on housing costs in 2023, representing nearly half (49.7%) of the 42.5 million renter households in the United States for whom rent burden is calculated. According to HUD, households are considered cost-burdened when they spend more than 30% of their income on rent, mortgage payments, and other housing costs. Households spending more than 50% of their income on housing costs are considered severely cost-burdened.
“Housing costs rose between 2022 and 2023 for both homeowners and renters. The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation)…And new data from the 2023 ACS, 1-year estimates show that the share of a rented household’s income that goes towards these housing costs differs by householder race.” Said Molly Ross, a survey statistician with the U.S. Census Bureau.
Click here to read the full report at the U.S. Census Bureau.
