Wednesday, January 27, 2021 12:46 am

Rents consume increasingly larger percentage of incomes

The median U.S. rental now requires 29.1% of the median monthly income.

Builder

Rising rents are eating up an increasingly large share of American incomes, costing the typical renter $2,000 per year, Zillow reported Wednesday.

Currently, the median U.S. rental requires 29.1% of the median monthly income. However, in the years leading up to the housing bubble, renters spent just 25.8% of their income on housing. That means renters are spending $1,957 more on rent in 2017 than they would be if the percentage had remained the same.

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