Rental costs in the United States last year outpaced the rise in home values for the first time since 2011, according to a new U.S. Census Bureau report, which reveals that nearly half of the country’s renter households are “cost-burdened,” meaning they spend more than 30 percent of their income on housing.
The Census Bureau’s American Community Survey for 2023, released on Sept. 12, shows that the median gross rent, which includes both rent and utilities, increased by 3.8 percent in 2023, reaching $1,406 per month, compared to a 1.8 percent rise in median home values. This represents the largest real (inflation-adjusted) increase in rental costs in 12 years.
