Renters are considered “cost-burdened” if they spend >30% of their income on rent. New data from the Census Bureau show that rapid increases in housing costs over the past several years have taken a meaningful toll on affordability and driven cost burden rates to new heights. Across the country, there are now 21.8 million cost-burdened renter households, more than ever before, and rates have risen in virtually every market.In their latest report, they break apart the data and explore what it says about the state of housing affordability in the U.S.
Some key takeaways for the Charlotte region include:
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As of the latest estimates, 173k renter households in the Charlotte metro (50%) are cost-burdened, up from 45% in 2019.
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24% of renter households in the Charlotte metro are ‘severely’ cost-burdened, meaning they spend more than half of their income on rent.
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According to the latest census data, between 2019 and 2022 the median rent in Charlotte metro increased by 26% while the median income of renter households increased by 17%.
