Household Costs More of a Burden for Renters Than Home Owners

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According to the U.S. Census’ 2013 American Community Survey, housing cost burdens fell for the third consecutive year. In 2013, 39.6 million households spent more than 30 percent of their income on housing, a decrease from 40.9 million in 2012 and significantly below the high of 42.7 million in 2010.

However as housing cost burdens continue to decrease for home owners, they are continuing to rise for renters. In 2013, 26 percent of home owners were considered burdened by household expenses – spending more than 30 percent of their income on housing, compared to nearly half of all renters at 49 percent. In addition, the number of renters continues to rise and rental rates are increasing much faster much incomes.