Published on March 9, 2014
“The Rent is Too High!”… Or is it? Examining rental costs as a % of household Income in the Commonwealth of Virginia since the recession to 2012.
The Rent is Too High! “The Rent is Too Damn High” Media catching slogan made popular by Jimmy McMillan, New York City Mayoral candidate in 2009 and 2010 of The Rent is Too High Party McMillan and The Rent is Too High Party asserted that rental housing rates in the City of New York were too high High rental rates were the cause of financial stress and high unemployment among the residents of the city Image 1
Rent isn’t just high In New York City it seems… Harvard releases a study finding that rent is going up faster than incomes can keep up with 50% of renters (21.1 million) are identified as cost burdened ◦ 30% of gross income is dedicated to housing cost 28% of renters (8.8 million) are identified as severely cost burdened ◦ 50% of gross income is dedicated to housing cost Rents have increased (+)6% (20002012) while income earnings have dropped (-)13% during the same period Income has not kept up with rent rates and as such has increased income burdens for large amount of renters Image 2 Full Harvard Study Here: http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/ahr2 013_05-affordability.pdf
Is the rent too high in Virginia?... In the Commonwealth of Virginia 46% of renters are identified as cost-burdened % of Renter Households Income Encumbered 47% 46% ◦ 30% of income dedicated to renting costs ◦ According to 2012 estimates from the U.S. 46% Census Bureau’s American Community Survey data 43% of renters were identified as cost burdened in 2007 ◦ 3% increase from 2007-2012 The reported median gross rent in Virginia in 2012 was $1,068 In 2007 median gross rent was $892 From 2007-2012 rent in Virginia has increased 20% *Data Pulled from U.S. Census Bureau’s American Community Survey Fact Finder 45% 44% 43% 43% 42% 41% 40% 2007 2012
The rent may not be too high…still outpaces income Rental prices have increased 20% from 2007-2012 Income has only increased 6% during the same time period ◦ 2007 Mean Income: $79,711 ◦ 2012 Mena Income: $84,641 Households reporting income greater than (<) $50,000 have increased 6% % Change in Income/Rent 2007-2012 25% 20% 15% ◦ More than 50% of households in Virginia report income greater than (<) $50,000 Households reporting income less than (>) $50,000 have decreased 2% Households reporting income less than (>) $30,000 increased 0.5% 10% 20% 5% 6% 0% *Data Pulled from U.S. Census Bureau’s American Community Survey Fact Finder % Change in Rent % Change in Income
Summary 30% or more of gross income dedicated to housing costs among renters is viewed as “cost burdened” Harvard study shows on a national level that more renters are cost burdened Rental prices have increased at a rate greater than income Virginia rental rates have increased 20% since 2007 while income has only increased by 6% The % of Virginia renter households identified as cost burdened have increased by 3% since 2007 Despite increases in income, it does seem that rental rates have outpaced income in Virginia as well
References Image 1 https://www.google.com/search?q=rent+is+too+high&rlz=1C1TSNO_enUS484US484&espv=210&e s_sm=93&source=lnms&tbm=isch&sa=X&ei=gtgbU8ENKGbygHoloCQDA&ved=0CAoQ_AUoAg&biw=1366&bih=667#facrc=_&imgdii=_&imgrc=sI Ww9lyS3ryDXM%253A%3BkccyCcCgpDHGXM%3Bhttp%253A%252F%252Fwbbw1.bwbx.io%2 52Fcms%252F2013-1209%252F1209_mcmillan_630x420.jpg%3Bhttp%253A%252F%252Fwww.businessweek.com%252 Farticles%252F2013-12-09%252Fharvard-study-finds-the-rent-is-too-damn-high%3B630%3B420 Image 2 http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/ahr2013_05-affordability.pdf
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