Hawaii Renters Among Most Cost-Burdened
The Aloha State has the second-largest share of renters in the country who pay more than 30 percent of their income on rent.
It’s no surprise to people who live here: Hawaii renters face some of the highest cost burdens in the nation.
Apartment List from 2007 through 2014 to show which cities and states have the most cost-burdened renters – meaning they spend more than 30 percent of their income on rent.
Hawaii has the second-largest share of cost-burdened renters in the country, the report found. In 2014, 57.5 percent of renters spent 30 percent or more of their income on rent – about a 4 percent increase since 2007.
Florida had the most cost-burdened renters with 57.9 percent. California was third with 56.8 percent.
For cities, San Francisco, Seattle, Denver and Austin, Texas, had lower rates because incomes have largely grown in line with rent increases. But Miami, Detroit and Los Angeles were some of the worst performers in the study, with more than 60 percent of renters qualifying as cost-burdened.
Nationally, U.S. homeownership rates are at their lowest point since 1967. Meanwhile, there are more renters than ever – approximately 43 million households.
Across the country, 52 percent of renters are cost-burdened, up from 24 percent in 1960 and 38 percent in 2000. The share of cost-burdened renters in the country rose to a high of 53.4 percent in 2011 in the aftermath of the Great Recession.
Since 2007, rents have continued to rise steadily, increasing 3.2 percent last year, which is twice the pace of inflation.
