Rent and Utilities Outpace Home Values for the First Time in a Decade
Wednesday, 11 September 2024, 20:01
Rising Costs of Rent and Utilities
According to the 2023 American Community Survey, rent and utilities have surged unexpectedly, eclipsing home values for the first time in ten years. This shift highlights the increasing strain on renters across the country.
Key Findings
- Nearly half of renter households now allocate over 30 percent of their income to housing.
- The data underscores a critical issue in housing affordability.
- Policymakers face pressures to address these rising costs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.