Deteriorating Rental Affordability: An Update on America’s Rental Housing 2024
The number of cost-burdened renter households has reached a new record high, further deepening the affordability challenge that accelerated during the pandemic. Across all income groups, rental affordability has continued to worsen as a growing share of household income has been devoted to rent and cost burden rates have risen. Longstanding disparities in who experiences cost burdens have persisted. Lower-income renters in particular have less left over after paying for housing than ever before, forcing difficult tradeoffs that have implications for well-being and health. The ongoing upward shift in the distribution of rents has contributed to these trends, leaving renters with fewer affordable options each year. The urgency of addressing these challenges through effective policies and subsidies is even more heightened.