The National Association of Home Builders has a good article and a nice map showing the rent burdened households across the nation. According to their map, Minnesota has between 47%-50% of households paying more than 30% of their income towards rent. Rents are going up, income hasn’t, so I can imagine this will get worse before it gets better. One more reason to own vs. rent…
New NAHB analysis of data from the Census Bureau’s 2010 American Community Survey (ACS) reveals the state-by-state distribution of rent-burdened households. According to U.S. Department of Housing and Urban Development definitions, a renting household or family is considered “rent-burdened” if they pay more than 30 percent of their household income in gross rent (“severely rent-burdened” if they pay more than 50%).
- Rising rents lessen the affordability of housing (usatoday.com)