Nearly 11 million renters spent more than 50% of their income on housing in 2018, the study found.
Being able to pay for housing — along with the rest of one’s everyday expenses — is a challenge for many Americans. And increasingly, that includes middle-income Americans.
“Even as the overall share of cost-burdened renters has receded somewhat, the share of middle-income renters paying more than 30 percent of income for housing has steadily risen,” researchers wrote. Don’t miss: Renting is more affordable than buying in almost 50% of these housing markets — and they tend to have one thing in common
As a result, construction activity has concentrated on the upper end of the market, with builders focusing on building amenity-rich apartment buildings in popular neighborhoods designed to appeal to this higher-income renter — and fetch a higher rent. Institutional investors have also bought up a larger share of the country’s rental housing stock, renovating many of these units in order to convert them into properties that can charge a higher rent.
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