Boston's share of rent-burdened households exceeds U.S. average
Add Axios as your preferred source to
see more of our stories on Google.
More than one-quarter of Boston-area renters spend over half of their household income on rents, higher than the national average.
Why it matters: An excessive rent burden can make it harder to afford other basic needs, like groceries and transportation — or to save for a down payment that can turn rent checks to a landlord into mortgage payments towards home equity.
By the numbers: Just over a quarter (25.6%) of U.S. renters are spending more than half their income on housing, according to Census data out today.
- In Greater Boston, the share of renters doing that is 27.1%.
Yes, but: Boston's rent burden isn't the highest in the nation, not even the highest on the East Coast.
Zoom in: Florida is home to several especially rent-burdened metros, including Port St. Lucie (where 36.6% of renters are spending more than half their income on rent), Cape Coral (35.1%) and Palm Bay (34.3%).
- That could be due to the state's large number of retirees, who may have relatively less current income.
Between the lines: Geography is only part of the equation here — race plays a role, too.
- 30.6% of Black renters are spending more than half their income on rent, compared to 23.4% of white renters.
Stunning stat: The real median gross cost of renting — that's rent plus utility/energy costs — grew faster annually (+3.8%) than real median home values (+1.8%) last year for the first time in a decade, the Census Bureau notes.
The bottom line: It's tough out there to be a renter.