metro markets, up from the 25.3% for the same month in 2021.
Metro Detroit renters spend about 25.4% of income overall on rent, according to data based on February rents and analyzed by .Īcross the country, about 29.7% of the typical household income went toward rent in the 50 largest U.S. That includes 23% who spent at least 50% of their income this way. Census Bureau data by the Pew Research Center. In 2020, 46% of American renters spent 30% or more of their income on housing, according to a review of U.S.
Or what other big expenses your family faces, too. Much can depend on how much money you're making and whether your work is steady or seasonal. If you're dealing with other major expenses - such as child care, student loans, credit card debt or a chunky car payment - you'd need to dedicate even less than 30% of your budget to housing costs. "While the jobs market is strong, it's unlikely that we'll see enough income growth to keep rents under 30% of monthly paychecks - especially with higher inflation and everyday costs," said Danielle Hale, chief economist for, in a statement.Īffordability is going down because paychecks aren't rising fast enough to compensate for astronomical rent hikes. A large group of Generation Z consumers who are 25 years old and younger and entering the rental market and a shortage of apartments and rental homes.Rising rental demands as some would-be buyers are priced out of the housing market.Las Vegas New Orleans Richmond, Virginia, and Phoenix - in the past two years. In addition, some areas saw gains of nearly 30% or more - including Memphis, Tennessee. Nationwide, about 58% of households headed by Black adults rent their homes the figure is nearly 52% of Hispanic- or Latino-led households, according to Pew Research Center’s analysis of census data. Younger consumers and those who are Black or Hispanic are more likely to feel the greatest burden because they are often renters, according to an August 2021 Pew Research Center analysis of U.S. Zandi agreed that it is very likely to be double that in 2022 given the acceleration since late last year. The CPI for housing shelter - or rent inflation - was 3.3% in 2021. "As housing costs continue to increase," Waller said, "housing will likely become an ever-larger share of household budgets." Waller noted rents recently have "accelerated sharply." Research suggests that the rate of rent inflation in the CPI will double in 2022, according to comments made this spring by Christopher Waller, a member of the Federal Reserve's board of governors.
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