The Blubber

According to a recent survey by real estate brokerage Redfin, over one in five U.S. renters (22%) say their entire regular income is spent on rent.

Taking on additional work is a common strategy for covering housing costs, with 20% of renters reporting they have worked a second job to afford rent. Similarly, 19% said they have worked in a job they disliked just to meet their housing expenses.

Some renters have turned to family for financial help, with 14% using cash gifts to pay rent. Others have dipped into their retirement savings—13% withdrew funds early, while 12% reduced their retirement contributions to cover rent costs.

Although rents have stabilized over the past year, they remain significantly higher than pre-pandemic levels. With rental prices outpacing wage growth, affordability challenges persist, particularly for lower-income Americans. However, rental affordability could improve in the near future as more newly built apartments become available and rental price growth continues to slow.

Despite these difficulties, renting remains a popular option due to the growing unaffordability of homeownership. A separate Redfin analysis revealed that the number of renter households is increasing three times faster than homeowner households, driven by the steep rise in homebuying costs compared to renting.

These findings are based on a Redfin-commissioned survey conducted by Ipsos in September 2024, which included responses from 1,802 U.S. residents aged 18-65.