Renting is expensive in the Triangle
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After Triangle rents spiked during the pandemic, a fifth of Raleigh renters now spend more than half of their household income on housing, according to new data from the Census Bureau.
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, Axios' Alex Fitzpatrick writes.
By the numbers: Raleigh renters, however, are faring better than the average renter nationwide. More than a quarter of renters in the U.S. are now paying more than 50% of their income on housing.
- In Durham, however, things are worse than the nationwide rate, with 28.3% of renters spending more than half of their income on rent.
The big picture: Increased housing costs have become one of the biggest priorities of local governments in the Triangle.
- Cities across the region, from Raleigh to Chapel Hill, have made efforts to reform their zoning laws to encourage more housing in response to rising prices. They're also spending tens of millions of dollars to add thousands of affordable units on the market.
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 points out.