Rapid Increases in Housing Costs have taken a Meaningful Toll on Affordability - Driving Cost-Burden Rates to New Heights | CHRIS SALVIATI Housing Economist Apartment List.com

New Data: 

54% of Phoenix renters are 'cost-burdened'

Chris Salviati	Oct 17, 2023, 9:24 AM (1 day ago)
to me

Hi Tim,

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. 

Best,

Chris Salviati

CHRIS SALVIATI

Housing Economist

Apartment List

978.551.0600

salviati@apartmentlist.com

> In our latest report, we dig into this new data and explore what it says about the state of housing affordability in the U.S. 

                                                                                                                                                                                                                                                                                                                  

The full report is now available here. 

It includes data for more than 200 metropolitan areas across the country.                            

Some key takeaways: 

• As of the latest estimates, 321k renter households in the Phoenix metro (54%) are cost-burdened, up from 47% in 2019.
• 26% of renter households in the Phoenix metro are 'severely' cost-burdened, meaning they spend more than half of their income on rent.
• According to the latest census data, between 2019 and 2022 
• the median rent in Phoenix metro increased by 36% 
• while the median income of renter households increased by 24%