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At the metro level, the picture is more varied, with rent growth outpacing income growth in many metros.
In the metros that fall above the dotted line, income has grown faster than rents; below the dotted line, the opposite is true.
showed that from 2005 to 2015, “post-rent wages,” or wages left after deducting median rent costs, decreased for service workers (-7 percent) and blue-collar workers (-5 percent), while only knowledge workers saw an increase (6 percent).
Unfortunately, this creates a cycle where poor families are stuck in the rental market, struggling with increasing rents and From 2007 to 2011, incomes fell sharply while rents did not, causing an increase in the share of cost-burdened renters.
More recently, renter incomes have been increasing faster than rents, helping to explain the decrease in the share of renters who are cost burdened.
Although renters earn much less than homeowners, renter income has grown much faster than homeowner income.
From 2005 to 2016 renter income increased 7.3 percent, compared to just 1.4 percent for homeowners.
Renters are significantly more cost-burdened than homeowners, with only 28.3 percent of homeowners spending 30 percent or more of their income on rent, compared to 49.7 percent of renters.
Only 11.1 percent of homeowners are severely cost burdened, less than half the rate for renters.About half of renters spent 30 percent or more of their income on rent, and a staggering 25 percent of renters spend 50 percent or more of their income on rent.The share of cost-burdened renters has doubled since 1960 when just 24 percent of renters spent 30 percent or more of their income on rent.Renters fare best in metros with moderate rents and strong wage growth, including Raleigh and Pittsburgh.While the cost burden share may look reasonable in pricey tech hubs, such as Seattle and Portland, this is likely due to a sorting of renters, with high-income renters entering the rental market and poor renters getting displaced.Homeowners tend to have higher median incomes, ,127 compared to ,264, and are more insulated to price changes once they have purchased a home and signed a mortgage.Tags: Adult Dating, affair dating, sex dating