Expensive Rent Is Straining Renter’s Resources

Expensive rent is hitting home renters where it hurts: their wallet. In a recent survey, 20% of respondents report struggling to make their monthly payments.

According to a recent survey by Apartment List, among households earning up to $30,000 a year: 27.5% failed to pay their rent in full. Those 27.5% report that they were unable to pay their full rent in at least one of the past three months.

Among those earning $30,000 to $60,000, that number fell to 14.8%. Even of those making more than $60,000 a year, the number was nearly 10% (8.8%).

Not surprisingly, eviction rates were higher in metropolitan areas hit hardest by the U.S. foreclosure crisis. They were lower in high-cost coastal regions where strong job markets give landlords a more affluent pool of renters to choose from.

The share of households spending more than 30% of their income on debt ticked down in 2015. However, it is still historically high. Meanwhile, according to data from an August survey published by Freddie Mac, 41% of renters said that expensive rent made it hard to find affordable housing near their jobs.

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