Over 20% of U.S. renters spend all their income on rent, forcing many to take second jobs or cut savings.

Over one in five U.S. renters spend their entire income on rent, according to a Redfin survey. To afford housing, 20% work a second job and 19% work jobs they dislike. Renters also resort to using government assistance, living with others, reducing retirement savings, or selling investments. Rent costs have risen significantly, making renting challenging but still more affordable than buying a home.

November 22, 2024
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