Nationally, 53% Renter Households Face Housing Cost Burden
Recent census data provides food for thought as the presidential campaign enters its last month. Numbers from the 2011 American Community Survey (ACS) indicate that 53% of all renter households, more than 20 million, face a housing cost burden. The burden is defined as when 30% or more of household income goes towards housing costs.
Nationally, 600,000 more households faced a housing cost burden in 2011 when compared to 2010 and 27% of renters experienced a severe cost burden – spending 50% or more of household income goes towards housing costs – in 2011, up 500,000 from the 2010 ACS.
There are now more than 40 million renters in the U.S., a number that has increased over the past few years;
Renters now consist of 35% of the total population;
Not surprisingly, the demand for rental housing has driven up prices from $854 in 2007 to $871 in 2011; but at the same time
Rental incomes during this time have decreased rather than increase from $54,909 in 2007 to $50,502 in 2011.
In New Jersey:
The 2011 median household income was over $60,000 and
Less than 11% of the population experienced poverty over the last 12 months.
The Census Bureau released 2011 American Community Survey data on September 19, 2012.
Click here to read the Census Bureau Press Release.
Click here to read more about the cost burden faced by renters.