The Typical U.S. Renter is Expected to be ‘Housing Cost Burdened’ By the End of 2021
Rent paid as a share of income is forecast to rise beyond 30% by December for the typical U.S. renter, which is considered housing burdened.
Softening Rents Offer an Uneven Respite for Renters
Rent has fallen more in the pricier neighborhoods of some of the nation’s most-expensive markets, but remains stubbornly high in more-affordable ZIP codes.
Despite New Aid, 3M+ U.S. Renters Facing COVID-19 Unemployment Bear Extreme Housing Cost Burdens
Even with additional assistance, renters reliant on unemployment insurance income face substantial rent burdens and are worse off now than in the spring.
Still-Employed Renters Realized Modest Gains in Affordability through Pandemic
Rents got modestly more affordable over the past few years for those renters that held on to their jobs throughout the ongoing pandemic.
Methodology: Nowcasting Rent Affordability During the Pandemic
Or new statistical models ‘nowcast’ rent affordability using modern statistical approaches, standard government data and Zillow’s big data capabilities.
A Raise Will Help Minimum Wage-Earning Renters, But Their Burden Remains Very High
In 37 of 45 large metro areas analyzed, an increase in minimum wages will lower rent burdens for minimum-wage-earners by at least 1 percentage point.
Two Months without Pay Pushes Food and Retail Workers to Spend 40% of their Annual Income on Rent
Renters working in food and retail industries could spend 40% of their annual income on housing costs if they are unable to work for two months.
