Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data.
Just to point out, with the median mortgage at $2349 a month, it’s more like you need a household income of $93,000 a year (probably closer to $100k with utilities and other expenses) for your housing costs to equal 30% of your income. That is steep for a lot of people, but still much more attainable than 7 figures. A quick Google says that makes up around 37% of US households as of 2022. Still doesn’t quite add up to their figures, admittedly, unless “nearly half” is doing a lot of work in that sentence.
Just to point out, with the median mortgage at $2349 a month, it’s more like you need a household income of $93,000 a year (probably closer to $100k with utilities and other expenses) for your housing costs to equal 30% of your income. That is steep for a lot of people, but still much more attainable than 7 figures. A quick Google says that makes up around 37% of US households as of 2022. Still doesn’t quite add up to their figures, admittedly, unless “nearly half” is doing a lot of work in that sentence.