In spite of nearly a decade of continuous expansion in the US economy, the recent gains haven’t even remotely been evenly distributed. Almost half of all renting households are now ‘cost-burdened’, meaning they currently spend more than the recommended 30% of their income on rent.
The Census American Community Survey just released new data that shows that the share of renters who are cost-burdened fell slightly from 2016 to 2017. While the recent improvement is encouraging, it remains slight in comparison to the magnitude of the problem.
Some key findings from the report include:
- The cost burden rate in Charlotte increased from 44.2% in 2016 to 44.5% in 2017. Charlotte has the #17 lowest cost burden rate of that nation’s 100 largest metros.
- 20.3% of renter households in Charlotte are severely cost-burdened, while 24.2% are moderately burdened.
- The number of cost-burdened renter households in Charlotte has increased by 45,743 since 2007.
Are you a Charlotte renter spending over 30% of your income on rent?
Has that changed over the past few years?