November 22, 2024
(press release)
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22% of U.S. renters say all their regular income goes toward rent payments. 19% of renters report they have worked a job they hated to afford rent. SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Just over one in five (22%) U.S. renters say all of their regular income goes directly to paying their rent, according to a new survey from Redfin (redfin.com), the technology-powered real estate brokerage. Working a second job is also a fairly common way for renters to pay housing costs, with 20% of renters citing that method. Nearly the same share (19%) say they have worked a job they hated to afford rent. One in seven (14%) renters have used a cash gift from family to pay rent. Renters also report dipping into money that was earmarked for retirement to pay their housing costs. More than one in 10 (13%) pulled money out of retirement funds early, and 12% contributed less to retirement savings. While U.S. rents have flattened out over the last year, rents are much higher than they were before the pandemic. Because rental prices have surged faster than wages, it’s more difficult than it used to be for Americans to afford rentals, particularly lower-income Americans. Rental affordability may improve in the near future, with prices already showing signs of losing steam as more newly constructed apartments come on the market. Even though it’s difficult for many Americans to make their rent payments, renting is a popular choice because affordability has become even more strained for people looking to buy a home. A separate Redfin analysis found that the number of renter households is growing three times faster than homeowner households, largely because the cost of buying has increased faster than the cost of renting. This is according to a Redfin-commissioned survey conducted by Ipsos in September 2024, fielded to 1,802 U.S. residents aged 18-65. To view the full report including a chart and additional methodology, please visit: About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Source: Redfin Released November 22, 2024
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