The lowest-income quintile had the largest number (10.8 million) of cost-burdened renter occupied households, which climbed from 85.5% in 2019 to 87.3% or 10.9 million in 2021.
The numbers were even more striking for the severely cost burdened with a substantial increase in renters in the lowest income quintile paying more than half their income for rent. In 2021, 65.9% of renter-occupied households in the lowest-income quintile were severely cost burdened, an increase of over 500,000 households from 60.9% in 2019.
In addition, 59.9% of renter-occupied households in the second quintile were cost burdened in 2021, up from 55.6% in 2019; 17.3% of them were severely burdened, up from 14.5% in 2019.
In the third quintile, 25.3% were cost burdened, up from 21.8%. Only 3.0% of households in the third income quintile were severely cost burdened in 2021, but that was still higher than the 2.5% in 2019.
Though renter-occupied households in the top income groups were far less likely to be cost burdened, they still experienced significant increases.
The fourth quintile went from 7.4% burdened in 2019 to 8.8% in 2021, and the fifth quintile went from 0.9% to 2.5%. But renter-occupied households in the fourth and fifth income quintiles were rarely severely cost burdened.
Article Courtesy of the U.S. Census Bureau.