Housing Landscape 2015 shows severe housing cost burden has decreased, but remains struggle for working renters
Income growth eases affordability, but housing costs continue to increase for renters
Housing Landscape 2015, a new report released today by the National Housing Conference, reveals that in 2013, one in four working renter households spent more than half of their income on housing each month. Even though the median income of working renters rose 6.7 percent from 2010 to 2013, rents rose 4.9 percent during that time period, leading to only slight improvements in housing affordability. Affordability remains an issue for homeowners as well, with about 17 percent of working homeowner households experiencing severe housing cost burden even as their median housing costs decreased.
Key points from the report:
- The difference between median housing costs for working households decreased from $207 in 2010 to just $91 in 2013.
- Working households headed by non-white individuals are more likely to be severely housing cost burdened than their white counterparts.
- Lowest-income households continue to feel the brunt of housing affordability challenges.