Record Number of U.S. Renters Burdened by Housing Costs

Over 12 million Americans spend at least half their paycheck on rent amid rising homelessness and aging rental units.

According to a new report from Harvard's Joint Center for Housing Studies, half of all U.S. renters were cost burdened in 2022, spending more than 30% of their income on housing.
Over 12 million Americans were spending at least half their paycheck on rent, a sharp rise in people spending large portions of their pay on rent.
The rise in unaffordable housing is coupled with an increase in homelessness across the country— in January 2023, a record all-time high of 653,100 individuals were homeless in the U.S.
Rents rose the fastest for middle-class households making $45,000 to $74,999, and it ticked up a notable 2.6 percentage points for those earning $30,000 to $44,999.
Despite the increases, renters' homes are aging significantly, and the safety of many of these units is often called into question.