Rent Affordability Challenges Affect More U.S. Households

Why it matters locally: Rent affordability challenges are a significant concern for New Jersey residents, as the state consistently ranks among the most expensive for housing nationwide. This national trend of increasing housing insecurity for middle-income households is particularly relevant given New Jersey's high cost of living.

WASHINGTON – A growing number of U.S. renters, including those with middle incomes, encountered difficulties paying their housing costs in 2023, according to new research. Analysts found that one in five renters nationwide struggled to pay for their housing on time and in full during the past year. The Urban Institute conducted the research. Their findings indicate that housing affordability challenges now extend beyond lower-income households. The data shows these financial pressures are increasingly impacting individuals and families in higher income brackets. The study identified the proportion of renters experiencing these payment difficulties. This metric suggests a broadening scope of housing insecurity across the country. Researchers observed this trend as part of ongoing analyses into U.S. housing markets.