More than half of renters in the Philadelphia metro region are cost-burdened, according to a new report that dug into 2015 Census data.
Apartment List’s latest analysis found that 52.8 percent of Philly metro renters spent a good chunk of their income on rent last year, making it the 77th most affordable areas out of the top 100 largest metros.
Renters make of 37 percent of households in the U.S. Nationwide, half of them spend at least 30 percent of their income on monthly rent.
Philly renters appear to be more cost-burdened that other East Coast metros like D.C. and Boston. Why so unaffordable? It comes down to rising rents and stagnant incomes, the researchers write. “From 2005-2015, rents in Philadelphia increased by 8.8 percent, while renter incomes increased by 1.2 percent.”
If there’s any consolation, Miami renters have it the worst. Nearly 64 percent of renters in that coastal metro are cost-burdened. Guess that’s the cost of enjoying constant warm weather.
- Which Metros Have the Most Cost-Burdened Renters? [Apartment List]