Rent Affordability Challenges Affect More U.S. Households

Why it matters locally: Rent affordability challenges, as identified in this national research, are likely to affect households across South Dakota, including those with middle incomes, as housing costs nationally have seen upward trends. While South Dakota's housing market may differ from larger metropolitan areas, the increasing national trend of housing insecurity impacting broader income brackets suggests similar pressures could be felt by renters statewide.

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.