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July 2, 2009

Analysis: Times are tough for renters in U.S.

  • 34 million people in this country rent their homes and their financial situation has deteriorated rapidly since 2000.
    • By J.W. ELPHINSTONE
    AP Real Estate Writer

    The financial plight of the nation's 34 million renters has deteriorated rapidly since the beginning of the decade, yet they are rarely included in conversations about housing affordability.

    Half of all renters now spend at least 30 percent of their before-tax income on rent and utility payments, that's up from about 40 percent in 2000, according to an analysis by the Associated Press. One in four shell out more than half of their income to cover those expenses, up from one in five.


     
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