rent-vs-buyThe majority of renters nationwide lived in unaffordable housing in 2009, according to new data from the 2009 American Community Survey (ACS).

The lowest- income renters are the hardest hit by this trend, according to a statement, with 88 percent of those earning $20,000 or less and 53 percent of those earning $20,000 to $49,999 facing such a burden.

The total number of all renters experiencing a housing cost burden – spending more than 30 percent of their income on rent and utilities – increased to 18.5 million from 17.4 million in 2008, according to a statement. Median rents rose from $818 in 2008 to $842 in 2009, while median renter incomes decreased from $31,891 to $30,576.

The data also point to rising demand for renting and away from homeownership, according to a statement. Homeownership rate declined to 65.9 percent in 2009 from 67.3 percent in 2006, while the percentage of families renting increased to 34.1 percent, from 32.7 percent in 2006.

"The numbers from the most recent ACS are not too surprising given the high unemployment rates and rising rents across the country," said National Low Income Housing Coalition Research Director Danilo Pelletiere. "We expected to see another year of increases in the number of households struggling to stay in their homes and make ends meet, but what is unfortunate is that Congress has yet to take the necessary action to provide more affordable rental housing options to low income Americans in these difficult times."

Survey: Most Renters Live In Unaffordable Housing

by Banker & Tradesman time to read: 1 min
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