As more and more Americans become rent burdened, the homeless rates in the nation’s most unaffordable markets continue to grow, according to the latest data from Zillow.
According to the company, a renter earning the median U.S. income of $61,240 and renting the median-priced apartment of $1,442 is expected to spend about 28% of their income on rent, increasing from the historical norm of 26%.
(Image courtesy of Zillow, click to enlarge)
Notably, when the rent burden increases by 2 percentage points, Zillow points out that about 1,500 more people are driven to homelessness.
Zillow gathered this data in collaboration with researchers at the University of New Hampshire, Boston University School of Social Work and the University of Pennsylvania. The data reveals that the effects of a larger rent burden are “more extreme” in markets where…