46 Percent of DC Area Renters are Burdened with Housing Costs

Posted on Posted in Leasing, Real Estate News

Check out this interesting article from Urban Turf.

Almost half of DC area renters are burdened by housing costs, according to a study published by Harvard University’s Joint Center for Housing Studies. The report defines “burdened” as residents who pay more than 30 percent of their income in rent.

Overall, 368,900, or 46 percent, of area renters are burdened, according to the findings. 22 percent are considered severely burdened, which means that they pay over 50 percent of their income in rent.

Understandably, lower-income households are most likely to be burdened by housing costs. 81 percent of residents who make $15,000 and under are burdened; 85 percent of residents who make between $15,000 and $29,999 are burdened, a small uptick. The percentage of burdened homes for income level didn’t drop below 75 percent until the household income reached $45,000/year. Just under half of residents who made between $45,000 and $74,999 are burdened. Residents who made $75,000 and above saw the lowest percentage of burden- just nine percent.

The cost of housing in the area is a hot topic and various public officials and advocacy agencies said they are seeking strategies to make housing more affordable.