The cost burden on renters in Richmond is higher than in NYC
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Richmond's rent prices are so unaffordable that the financial strain on renters here is worse than some of the largest and most expensive cities in the U.S.
Driving the news: At least 52% of Richmond renters spent 30% or more of their income on rent in 2022, per a report released by the Harvard Joint Center for Housing Studies last month.
- That's higher than the cost burden on renters in New York City, Chicago, San Francisco and D.C. — and the national average.
Why it matters: Researchers said rent hikes during the pandemic "put unaffordability at an all-time high," but the financial assistance to help renters navigate them has dried up and left them without a safety net.
- Rent increases are also outpacing income gains.
- This in turn could put people at greater risk of eviction and homelessness, which was on the rise in the Richmond region and the U.S. last year.
Catch up fast: Richmond renters have been pushing back on rent hikes over the past several years, with frustrations and fears mounting over whether they can afford to stay.
- The average Richmond rent can vary from $1,231 per month to more than $1,500 depending on location, according to Apartments.com.
- And buying a home isn't a cheaper alternative — especially for Gen Z.
- To afford a typical Richmond house, you now have to earn $105,000 a year.
- The median income for a single person in Richmond is $44,526 and $81,388 for a household, per the Census Bureau.
Between the lines: In 1999, New York City was the only city where renters were spending more than 30% of their income on rent.
- Now it's becoming the norm for the first time in at least 25 years, per economists at Moody's Analytics.