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Renting in America Has Never Been This Expensive
Bloomberg.com – Americans living in rentals spent almost a third of their incomes on housing in the second quarter, the highest share in recent history. Rental affordability has steadily worsened, according to a new report from Zillow, which tracked data going back to 1979. Rental affordability worsened from a year earlier in 28 of the 35 largest metropolitan areas covered by Zillow. Rents were least affordable in Los Angeles, where residents devoted 49 percent of monthly income to rent. The share in San Francisco was 47 percent, 45 percent in Miami, and 41 percent in the New York metro area. Meanwhile, historically cheap mortgage rates are keeping the cost of homeownership low. Buyers in the U.S. devoted 15 percent of their income to mortgage payments, which is less than the historical average of 21 percent. Read more.