- Nearly half of renter households spent over 30% of income on housing in 2023.
- Maine, New Mexico, and Utah saw the largest gross rent increases between 2022 and 2023.
- Median housing costs for renters rose to $1,406, with Hawaii and Washington, DC, as high as $1,800.
Renters are increasingly cost-burdened, and heightened housing costs, particularly in the Mountain region, aren't helping.
New data from the Census Bureau's 2023 American Community Survey, released Thursday, reveals nearly half of renter households spent more than 30% of their income on housing in 2023. States such as Maine, New Mexico, and Utah have seen the largest percent increases in median gross rent — which includes rent and utility costs — between 2022 and 2023.
The median housing cost for renters increased from $1,354 to $1,406 during this period. It's as high as $1,800 in Hawaii and Washington, DC.
This map shows how much median gross rents have shot up from 2022 to 2023 — every state experienced a sizable increase.
Maine had the highest percent increase from $1,033 to $1,189 — or 15.1%. New Mexico and Utah were both over 13%, while Florida was 12.7%.
Rents were most constant in Mississippi at 2.9% growth over the year, followed by Washington, DC, and Alaska, both at 3.3%.
Most of the Midwest had rent increases between 6% and 7%, while New York was more flat at 4.1%.
The census data covers increases between 2022 and 2023, and more recent data shows that cost growth has continued this year. According to national Redfin data, rents increased slightly nationwide in September 2024 compared to the year prior, at 0.9%, and are now $1,645 for all rental sizes. However, rents have fallen for three or more beds.
There has been slight relief recently in a few states. Rents have fallen in cities such as Raleigh, Fort Worth, Charlotte, and Milwaukee, according to the most recent Zumper report from August 2024.
Residents of Florida, Nebraska, and Vermont have experienced a statistically significant year-over-year increase in median household income, easing the burden for some renters, according to the new census data. However, income declined significantly in Alaska, Delaware, Georgia, and Pennsylvania compared to the year prior.
High housing costs are hitting renters more than homeowners, though over one in five homeowners with a mortgage were cost-burdened, particularly from insurance. Over 6% of Americans paid $4,000 or more in 2023 for homeowner's insurance, per the Census Bureau.
The ACS reveals some racial inequities among cost-burdened households. While 46.7% of white households were cost-burdened, this rose to 56.2% for Black households.
