According to the Department of Housing and Urban Development, those who spend more than 30 percent of their income on housing are "housing cost-burdened." The department recommends keeping at least 70 percent of your earnings available for other expenses — but, obviously, that's not always possible.
Using US Census Bureau data, USAFacts looked at how many American renters and homeowners saw at least 30 percent of their earnings go towards housing between 2010 and 2022, as well as which of the country's states are the most housing cost-burdened.
Key Findings:
-
More than half of US renters spent 30 percent or more of their income on housing in 2022, compared to 22.8 percent of homeowners.
-
Florida had the highest share of housing cost-burdened renters of any state (60.3 percent), while South Dakota had the lowest (39.4 percent).
-
When it comes to homeowners, California had the most housing cost-burdened households. West Virginia, with a share of just 14.2 percent, had the least.
Via USAFacts.
