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Report Finds Historically Unaffordable Rents

A new report from Zillow shows evidence of a deepening crisis in the rental housing market.
August 15, 2015, 1pm PDT | James Brasuell | @CasualBrasuell
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"Americans living in rentals spent almost a third of their incomes on housing in the second quarter, the highest share in recent history," reports Prashant Gopal.

"Rental affordability has steadily worsened, according to a new report from Zillow, which tracked data going back to 1979. A renter making the median income in the U.S. spent 30.2 percent of her income on a median-priced apartment in the second quarter, compared with 29.5 percent a year earlier. The long-term average, from 1985 to 1999, was 24.4 percent."

The article includes more details on the findings of the report, such as affordability for specific cities, as well as a comparison to the homeownership market.

Full Story:
Published on Thursday, August 13, 2015 in Bloomberg Business
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