Renters in the U.S. are experiencing some relief from rental burdens, according to a new report by Moody’s Analytics. The number of metros experiencing higher rent burdens dropped 91% from last quarter.
plummeted 91% from a quarter ago – from 49 cities in Q4 2022 down to only five in Q1 2023.
In addition, on a year-over-year basis, more than 40% of metros showed signs of relief – twice as much as in the fourth quarter of 2022 – which was mostly driven by faster income growth, according to the company. "To make paying rent a bit easier and bringing rent-to-income ratios below the rent burdened 30% threshold, low-income families in the top 20 least affordable metros need to work at least 19 to 56 more hours every week – that was an eye-opener for me and speaks to the crisis at hand," Chen continued, adding, "Essentially, many low-income households would need another part- or full-time job to keep a roof over their heads in metros where they already live.
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