Housing Costs Become an Increasing Burden
Updated: Jan 4, 2019
A Harvard analysis shows the rental market is trending toward upper income tenants.
This article is a repost from Houston Public Media.
FLORIAN MARTIN | POSTED ONDECEMBER 22, 2017, 11:24 AM
Houston renters have an average income of $40,000 a year. Their monthly rent averages $1,005.
That’s more than 30 percent of their income going to housing.
Jon Spader is one of the researchers who conducted the 2017 rental housing report by Harvard University’s Joint Center for Housing Studies.
“Forty-seven percent of all renter households in Greater Houston were cost-burdened, paying more than 30 percent of their income for housing costs,” he said. “Twenty-five percent were severely cost-burdened, paying more than 50 percent of their income for housing costs.”
That’s in line with metropolitan areas across the nation, according to the report.
All income levels up to $75,000 are feeling this burden, but in Houston especially it’s lower income households that are most affected.
“It could reflect less access to rental assistance,” Spader said. “It could also reflect slightly higher rental housing cost from being in a large metro.”
The report finds while younger, lower-income residents still make up the majority of renters, the number of higher-income renters is growing fast nationwide.