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Census Data Reveal Troubling Statistics for Renters

U.S Census Bureau
 

Numbers from the 2011 American Community Survey (ACS) indicate that 53% of all renter households, more than 20 million, face a housing cost burden (when 30% or more of household income goes towards housing costs). In Connecticut, an estimated 52% of renters totaling 229,017 households paid more than 30% of their income towards housing costs in 2011, up from 219,829 according to 2010 ACS data. 

In Connecticut, the percentage of renters reached 32.6% of all households in 2011, up from 30% in 2007, an increase of nearly 45,000 households. Meanwhile, gross rent has increased by 10% over that time, from $931 in 2007 to $1,021 in 2011 and the median household income of Connecticut’s renters has stagnated, dropping from $34,684 in 2007 to $33,755 in 2011. 

Nationally, 600,000 more households faced a housing cost burden in 2011 when compared to 2010 and  27% of renters experienced a severe cost burden (50% or more of household income goes towards housing costs) in 2011, up 500,000 from the 2010 ACS.

Additionally, there are now more than 40 million renters in the U.S., a number that has increased over the past few years. Renters now consist of 35% of the total population, compared to 33% in 2007, which has led to a decrease in vacancy rates for rental housing from 8.2% in 2010 to 7.4% in 2011. Not surprisingly, the demand for rental housing has driven up prices from $854 in 2007 to $871 in 2011. However, rental incomes during this time have decreased rather than increase from $54,909 in 2007 to $50,502 in 2011.

The Census Bureau released 2011 American Community Survey data on September 19, 2012. 

Click here to read the Census Bureau Press Release. 
Click here to read more about the cost burden faced by renters. 

 
 

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