The median renter household in the U.S. remained burdened in the third quarter, with 30% of their income going to paying for rent. (Joe Raedle/Getty Images / Getty Images)
Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- US renters remain burdened as insurance pressures on landlords mount
- Moody’s Analytics found that in Q3, the U.S. rent-to-income ratio (RTI) declined slightly by 0.5% and ended at 30%, a level that is the threshold for being rent-burdened. Renters are considered “burdened” if their rent payments consume 30% or more of their gross, or pre-tax, income. This comes after last year marked the first time that the median renter household in the U.S. paid over 30% of their income on an average-priced apartment when the national RTI reached a high of 30.8%.
- “Rent continued to be burdensome for median income households. For moderate- to lower-income families, growing income inequality and the lack of inventory growth in affordable and Class B/C space, their already higher rent burden will be even more exacerbated.”
- Moody’s Analytics CRE expects the rent burden to trail the 30% rent-burdened threshold over the next year or so.”
- The most rent-burdened cities in the U.S. saw declines in rent burdens year-to-date, although they remain above the 30% threshold in Q3 2023. New York City’s RTI was the highest in the nation at 64.2%, followed by Miami at 42.2%, Fort Lauderdale, Florida, at 37%, Palm Beach, Florida, at 34.3% and Los Angeles at 34%.
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