Thursday, November 9, 2017

A quarter of Detroit renters are spending half their income on rent

Posted By on Thu, Nov 9, 2017 at 11:56 AM

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According to a new study, more than a quarter of renters living in Detroit are so cost burdened they're spending half their monthly income on rent.

This comes as no surprise — Detroit is a city where 1 in 3 residents live at or below the federal poverty line of $12,060 a year.

The report, conducted by Apartment List, also notes that more than half of Detroiters, 50.2 percent, are spending more than 30 percent of their income on rent, which puts them in a category slightly above fellow more cost-burdened residents.

Rising rent costs have been fodder for many a news story lately — business and homeowners claim they're being pushed out of longtime dwellings because they simply cannot afford the swelling payments.

But, apparently there is good news, at least according to this report. It says that rents in Detroit have increased by only .7 percent, while renter income has increased by 3.5 percent in the last 11 years.

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