Low-Income Renters Spent Larger Share of Income on Rent in 2021
Summary
The pandemic began in the United States following a period of rising home prices and declining interest and vacancy rates. These pressures increased during the pandemic, contributing to higher home prices and rents.
The percentage of household income renter households spent on gross rent (rent plus utilities) — the housing cost ratio — increased nationwide from 2019 to 2021, according to recently released data from the U.S. Census Bureau’s 2021 American Community Survey (ACS).
But renter households with the lowest annual incomes, a population that traditionally has less income available for other essential goods, experienced the largest percentage point increases.
Source: U.S. Census Bureau (2023). Low-Income Renters Spent Larger Share of Income on Rent in 2021.