Despite the decrease in the share of cost-burdened renters, affordability continues to be a challenge for millions of renters.
At Apartment List, we know that searching for a home is tough, and the decision can be even more complicated for families than it is for singles.
Renters fare best in metros with moderate rents and strong wage growth, including Raleigh and Pittsburgh.
While the cost burden share may look reasonable in pricey tech hubs, such as Seattle and Portland, this is likely due to a sorting of renters, with high-income renters entering the rental market and poor renters getting displaced.
Homeowners tend to have higher median incomes, ,127 compared to ,264, and are more insulated to price changes once they have purchased a home and signed a mortgage.
Lower income and cost-burdened households are less likely to become homeowners, as it’s difficult to save enough for a downpayment.