Renters across the U.S. finally appear to be getting some relief, thanks in part to a construction boom. But those trends will likely be little comfort for many who’ve had to put an increasing share of their income toward housing costs.
The steep rent increases have left tenants like Melissa Lombana, a high school teacher who lives in the South Florida city of Miramar, with progressively less income to spend on other needs.
Lombana’s rent is now gobbling up nearly half her monthly income. That puts her in a category referred to as “cost-burdened” by the U.S. Department of Housing and Urban Development, denoting households that pay 30% or more of their income toward rent. Last year, the average rent-to-income ratio per household rose to 30%. This March, it was 29.6%.
Melissa Lombana, 43, a high school teacher and mountain bike enthusiast, adjusts the blinds inside her one-bedroom apartment in Miramar, Fla., Wednesday, July 26, 2023. Lombana’s rent has increased each of the last two years and now amounts to nearly half her monthly income. “In a year, I will not be able to afford living here at all,” she said.
“We’re building a multi-decade record number of units,” Nadji said. “It’s going to cause some softening and some pockets of overbuilding, but it’s not going to fundamentally resolve the housing shortage or the affordability problem for renters across the U.S.” In the New York metro area, the median rent climbed 4.7% in June from a year earlier to $2,899, according to Realtor.com. In the Midwest, rents surged 5.6% in the Cincinnati metro area to $1,188, and 6.9% to $1,350 in the Indianapolis metro area.
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