Nearly 50% US renters spend over 30% of income on housing [Video]

As inflation made prices for consumer goods more expensive, 21 million renter households in the U.S. also been spending more than 30% of their income on housing costs recently, according to the U.S. Census Bureau.

New data from the bureau from the 2023 American Community Survey (ACS) released Thursday revealed that this figure represents nearly half of the 42.5 million renter households in the country. Households that more than 30% of income on housing are considered “cost-burdened” according to the U.S.Department of Housing and Urban Development (HUD).

Molly Ross, a survey statistician with the U.S. Census Bureau said that the median monthly cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation) from 2022 to 2023. Per the bureau, the largest increase in gross rental costs since 2011 was recorded last year. Rent and utility cots increased faster than home values.

For reference, the median weekly earnings for the nation’s 119.9 million full-time wage …