In 2023, a record number of renters in 21 states were considered “cost burdened,” spending 30% or more of their incomes on rent and utilities. This number has increased from just seven states in 2019, with about 22 million renters nationwide falling into this category. The high cost of housing is particularly prominent in swing states like Arizona, Nevada, and Georgia, where there has been a significant increase in the share of renters facing housing cost burdens.
In Arizona, factors such as low wages, housing shortages, and the rise of short-term rentals have contributed to skyrocketing rent prices, with a 40-60% increase over the past two years. Similarly, Nevada has seen a surge in housing costs, with the Las Vegas area having the highest percentage of cost-burdened renters in the state.
States like Florida, Nevada, Hawaii, Louisiana, and California have the highest rates of cost-burdened renters, with Florida leading the pack at 61.7%. On the other hand, states like North Dakota, Wyoming, South Dakota, Kansas, and Nebraska have the lowest rates of cost-burdened renters.
Despite the challenges, there is hope for states like Arizona with increased home construction, although it may take years to alleviate the affordable housing crisis. The data was released by the U.S. Census Bureau and analyzed by Stateline, a part of States Newsroom, a non-profit news organization focused on state policy.
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