Report Finds Historically Unaffordable Rents
"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.