US renter cost burdens reach record high, Enterprise analysis shows
SPY•Enterprise Community Investment’s analysis of 2024 Census data found that more than 22.6 million renter households spent over 30% of their income on housing, while about 12.1 million spent more than half.
1. Renter costs rise
Enterprise Community Investment’s analysis of 2024 Census data found that the national renter cost-burden rate neared 50%. More than 22.6 million renter households spent over 30% of their income on housing, and about 12.1 million spent more than half.
2. Differences across groups
Renters earning 60% to 80% of area median income had a 5% increase in cost-burden rates, the largest increase across income groups. Severe cost burdens affected nearly 75% of renters below 30% of area median income. The rate was 57% for Black renters and 54% for Hispanic/Latino renters.
