Rental housing statistics show a large and financially pressured U.S. renter population. In 2023, 42.5 million renter households had a calculable rent-burden measure, while Census, BLS and HUD data also describe differences by race, metro area, assistance status and expected demand.
Key Rental Housing Statistics
The following highlights summarize the most useful measures across the United States and selected metropolitan areas:
- In 2023, 42.5 million U.S. renter households had a calculable rent-burden measure in the ACS 1-year estimate.
- In 2023, more than 21 million U.S. renter households spent over 30% of income on housing costs.
- In 2023, 49.7% of U.S. renter households with a calculated measure were cost-burdened.
- In 2023, the median U.S. renter housing-cost share was 31% of income.
- Between 2022 and 2023, median inflation-adjusted renter housing cost rose from $1,354 to $1,406 per month in the United States.
- In 2023, 56.2% of Black-alone U.S. renter households were cost-burdened.
- In 2023, 53.2% of Hispanic U.S. renter households were cost-burdened.
- In 2023, 30.6% of Black-alone U.S. renter householders were severely cost-burdened.
- In 2023, rented-dwelling spending increased 7.6% for U.S. BLS consumer units.
- In 2023, average annual expenditures were $57,186 for U.S. renters.
- In 2023, rent exceeded mortgage interest and principal in four of eight selected U.S. metropolitan areas.
- In 2023, Miami renters paid $20,751 annually for rent compared with $17,301 in mortgage interest and principal.
- In 2023, public housing authorities administered approximately 2.4 million Housing Choice Vouchers in the United States.
- In 2023, the average monthly Housing Choice Voucher subsidy was $1,068.
- In the 2022 Point-in-Time Count, approximately 582,500 people were counted as homeless in the United States.
- For January 2024 through January 2027, HUD estimated net demand for 515,300 new rental units.
- As of January 1, 2024, 632,800 rental units were under construction in the United States.
Contents
- National rental housing scale and cost burden
- Rental housing costs and affordability trends
- Rental housing statistics by race and ethnicity
- Rent versus ownership costs across U.S. metros
- Rental assistance, vouchers and housing insecurity
- Rental housing supply, vacancies and near-term demand
National Rental Housing Scale and Cost Burden
The 2023 ACS 1-year estimate counted 42.5 million renter households for which rent burden could be calculated. More than 21 million spent over 30% of income on housing costs, and 49.7% of the measured renter households were cost-burdened.
The Census definition used here treats spending over 30% of income on housing costs as cost-burdened. These figures exclude households without a calculable burden measure, so they should not be read as a count of every renter household.
| 2023 U.S. renter measure | Result |
|---|---|
| Renter households with calculable burden measure | 42.5 million |
| Households spending over 30% of income | More than 21 million |
| Cost-burdened share of measured renters | 49.7% |
| Median income-to-housing-cost ratio | 31% |
The median renter income-to-housing-cost ratio was 31% in 2023, unchanged from 2022. Median inflation-adjusted renter housing cost rose from $1,354 per month in 2022 to $1,406 in 2023, while renter-occupied housing units increased 0.9%.
The Census also reported a 3.8% real increase in median gross rental cost in 2023. Gross rental cost includes rent plus average monthly utilities and fuels, while real median home values increased 1.8%; the home-value measure is not a rental-price measure.
Source: Nearly Half of Renter Households Are Cost-Burdened, Proportions Differ by Race and Housing Availability and Affordability: 2023.
Rental Housing Costs and Affordability Trends
BLS data provide a different view because Consumer Expenditure Survey results describe consumer units rather than ACS households. In 2023, housing represented 32.9% of total consumer-unit expenditures, and spending on rented dwellings increased 7.6% from 2022; overall housing expenditures increased 4.7%.
The CPI-U housing shelter measure rose 7.5% in 2023 after rising 5.9% in 2022. Shelter is broader than renter-paid contract rent, so it should not be treated as an identical rent index.
| U.S. renter consumer-unit measure, 2023 | Average |
|---|---|
| Annual expenditures | $57,186 |
| Pretax income | $65,089 |
| People per consumer unit | 2.2 |
| Earners per consumer unit | 1.2 |
| Vehicles per consumer unit | 1.2 |
| Rented dwellings, annual spending | $5,370 |
| Utilities, fuels and public services | $4,625 |
| Household furnishings and equipment | $2,508 |
These averages show the broader spending context around renting. Utilities and public services are a combined BLS category rather than rent alone, and consumer-unit averages are not medians.
Source: Consumer expenditures in 2023.
Rental Housing Statistics by Race and Ethnicity
The 2023 ACS results show different cost-burden rates across Census race and ethnicity categories. Race categories are based on householder identification, while Hispanic origin can include people of any race.
| Renter category, 2023 | Cost-burdened share | Households |
|---|---|---|
| Black or African American alone | 56.2% | 4.6 million |
| Some Other Race alone | 54.7% | 2.0 million |
| Hispanic | 53.2% | 4.8 million |
| Two or More Races | 51.4% | 2.8 million |
| Native Hawaiian or Pacific Islander alone | 51.7% | About 53,000 |
| American Indian or Alaska Native alone | 48.8% | About 229,000 |
| White alone | 46.7% | 10.4 million |
| Asian alone | 43.4% | About 1.0 million |
The burden threshold is over 30% of income spent on housing costs. The source notes that some differences, including those involving Native Hawaiian or Pacific Islander households, are not statistically significant.
Severe burden means spending over 50% of income on housing costs. In 2023, 30.6% of Black-alone renter householders, about 2.5 million households, were severely cost-burdened; the corresponding figures for Some Other Race-alone renter householders were 28.8% and about 1.1 million.
Source: Nearly Half of Renter Households Are Cost-Burdened, Proportions Differ by Race.
Rent Versus Ownership Costs Across U.S. Metros
BLS compared renter payments with mortgage interest and principal for homeowners with mortgages in eight selected metropolitan areas. In four of the eight areas, annual rental payments exceeded mortgage interest and principal, but the comparison excludes homeowners without mortgages and does not represent total ownership cost.
| Selected MSA, 2023 | Rent, annual | Mortgage interest and principal, annual |
|---|---|---|
| Boston | $18,620 | $23,347 |
| New York | $18,562 | $19,143 |
| Chicago | $11,870 | $13,921 |
| Miami | $20,751 | $17,301 |
| Atlanta | $16,008 | $15,170 |
| Dallas-Fort Worth | $16,298 | $13,479 |
| Phoenix | $18,286 | $17,184 |
| San Francisco | $25,076 | $34,136 |
Among the four MSAs where rent exceeded mortgage interest and principal, the reported gap ranged from 5.5% in Atlanta to 20.9% in Dallas-Fort Worth. Monthly averages were $1,334 for Atlanta renters versus $1,264 for the mortgage measure, and $1,358 for Dallas-Fort Worth renters versus $1,123.
These figures compare selected cash-flow categories, not equivalent housing costs. They omit other ownership expenses and do not compare renters with all homeowners.
Source: Consumer expenditures in 2023.
Rental Assistance, Vouchers and Housing Insecurity
HUD’s CHAS/ACS 5-year estimates for 2016–2020 divide cost burden into moderate-to-high burden, meaning 31% to 50% of income, and severe burden, meaning 51% or more. Across all renter households, 21.6% had moderate-to-high burden and 22.0% had severe burden.
For renter households below 50% of HUD area median family income, 27.1% had moderate-to-high burden and 47.9% had severe burden during 2016–2020. These figures use a different period and source framework from the 2023 ACS 1-year estimates.
HUD reported approximately 2.4 million Housing Choice Vouchers administered by public housing authorities in 2023, 17.9% more than in 2010. The average monthly subsidy was $1,068, while the average tenant contribution was $450.
The inflation-adjusted average monthly voucher subsidy was 9.2% higher in 2023 than in 2010. The average monthly tenant contribution was 1.2% lower over the same period.
About 4.6 million American households received rental assistance in 2023, aggregating programs and household types. The 2022 Point-in-Time Count recorded approximately 582,500 people experiencing homelessness; 40% were unsheltered, and California and New York together accounted for 42% of the counted U.S. homeless population.
The Point-in-Time Count is a one-night administrative enumeration and may undercount homelessness.
Source: National Comprehensive Housing Market Analysis as of January 1, 2024.
Rental Housing Supply, Vacancies and Near-Term Demand
HUD’s national analysis estimated net demand for 515,300 new rental units from January 2024 through January 2027. This is an analyst estimate based on conditions as of January 1, 2024, not a count of completed units or a forecast of construction activity.
At that starting point, HUD reported 632,800 rental units under construction. The reported construction figure exceeded the 515,300-unit demand estimate by 117,500 units, a simple comparison of the two HUD figures rather than an independent supply-surplus forecast.
HUD expected the 515,300-unit rental-demand estimate to remain relatively constant across the three-year forecast period. Because demand is a forecast and units under construction are an observed status measure, the two figures should be read as related but unlike indicators.
Source: National Comprehensive Housing Market Analysis as of January 1, 2024.