Nearly half of U.S. renters struggle with housing costs in 2023

In 2023, over 21 million households in the U.S. faced significant financial strain, spending more than 30% of their income on housing costs, as reported by the Census Bureau. This situation classifies them as cost-burdened, a term defined by the U.S. Department of Housing and Urban Development (HUD). The rising housing costs have affected both renters and homeowners, with the median rent increasing from $1,354 to $1,406 after adjusting for inflation. The data highlights disparities in housing cost burdens among different racial groups. For instance, 56.2% of Black or African American renters were cost-burdened, alongside 46.7% of White renters and 53.2% of Hispanic renters. Other groups, including Asian and Native Hawaiian or Pacific Islander renters, also experienced significant financial pressure, indicating a widespread issue across various demographics. Additionally, the report reveals that a substantial number of renters fall into the severely cost-burdened category, spending over 50% of their income on housing. This includes approximately 2.5 million Black renters and 1.1 million renters identifying as "Some Other Race alone." The findings underscore the ongoing challenges faced by many households in securing affordable housing. Overall, the increase in housing costs and the high percentage of income spent on rent reflect a growing crisis in the housing market, necessitating urgent attention and potential policy interventions to alleviate the financial burden on millions of American families.