Nearly Half of Renter Households Are Cost-Burdened, Proportions Differ by Race
Over 21 million renter households spent more than 30% of their income on housing costs in 2023, representing nearly half (49.7%) of the 42.5 million renter households in the United States for whom rent burden is calculated. Although the median ratio of income-to-housing costs for renters remained unchanged from 2022 at 31%, there are differences in the income-to-housing cost ratio when comparing across householder’s race. That’s according to newly available data tables released today from the 2023 American Community Survey (ACS), 1-year estimates.
"Housing costs rose between 2022 and 2023 for both homeowners and renters. The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation)," said Molly Ross, a survey statistician with the U.S. Census Bureau. "And new data from the 2023 ACS, 1-year estimates show that the share of a rented household’s income that goes towards these housing costs differs by householder race.”
Households are considered cost-burdened when they spend more than 30% of their income on rent, mortgage payments, and other housing costs, according to the U.S. Department of Housing and Urban Development (HUD). Households spending more than 50% of their income on housing costs are considered severely cost-burdened.
Continue reading to explore more data highlights on housing, income, poverty, and health insurance.Â
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Health Coverage for Working-Age Adults Rose in Every State Since 2013
Many states continued to see improvements in health insurance coverage rates for all age groups between 2019 and 2023, according to American Community Survey (ACS) data released today.
Uninsured rates dropped in 17 states for children, 42 states for working-age adults, and in one state (Florida) for adults age 65 and older from 2019 to 2023.
The report, State Health Insurance Coverage: 2013, 2019, and 2023, highlights changes in the health insurance landscape across the states in the past decade, from the implementation of key provisions of the Patient Protection and Affordable Care Act (ACA) through the COVID-19 pandemic and resulting economic and policy changes.
An interactive dashboard also released today focuses on the 2022 to 2023 changes as well as the 2019 to 2023 changes across the states. A companion working paper further examines the working-age adult population by smaller age groups across states.
The real median gross cost of renting — rent plus the average monthly cost of utilities and fuels adjusted for inflation — grew faster annually (3.8%) than real median home values (1.8%) in 2023 for the first time in 10 years, according to the 2023 American Community Survey (ACS) released today.
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Poverty rates for both the youngest and oldest populations changed in many states in 2023, according to American Community Survey (ACS) data released today. Child poverty rates decreased in eight states and poverty rates for the 65 and older population increased in 10 states.Â
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