More than 20% of Des Moines renters spend half their income on rent
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The Des Moines metro has among the lowest rent burdens in the country, according to recent Census data, but the housing crisis is still having a local effect.
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 toward home equity.
By the numbers: Just over a quarter (25.6%) of U.S. renters spend more than half their income on housing, according to Census data released last month.
- DSM's share is 20.2%.
Reality check: We may look good compared to many other metros, but affordable housing is still a crisis.
Zoom in: Nearly half of DSM metro renters spend more than 30% of their income on housing, according to a report released last year by the Joint Center for Housing Studies (JCHS) of Harvard University.
- Iowa has a shortage of more than 58,000 rental homes that are affordable and available to extremely low-income residents, according to a report this year by the National Low Income Housing Coalition.
What's next: The DSM City Council will have a public hearing on Nov. 4 to review a recent citizen survey about housing.
Read more: Rent increases faster than income