Paying Rent Still a Problem for 24% of Renters

Published by FOX Business | January 9, 2024

The total share of Americans who rent is 36%, according to the survey

Some renters are having difficulty paying their rent.

About 24% of American renters are experiencing rent affordability issues amid high rent prices and other factors, according to a survey put out Monday by Intuit Credit Karma. 

The company said the total share of adult Americans who rented amounted to 36%. Its survey involved over 1,200 U.S. adults and took place online from Nov. 20-26. 

Slightly under one-third of millennial renters – 30% – indicated they had trouble covering their rent, according to Intuit Credit Karma. For Generation Z, it was 27%.

Meanwhile, one in 10 Americans 69 and older reported they “can no longer afford to pay their rent,” the survey said.

In a separate report from Monday, online real estate brokerage Redfin pegged the median U.S. asking rent in December at $1,964. That marked a 0.2% month-over-month decrease. However, the median price that landlords were asking renters to pay in December remained only 4.4% cheaper than the record $2,054 seen in August 2022, according to Redfin.

About 38% of renters said the need to cover rent has prompted them to give up certain necessities, the Intuit Credit Karma survey further found.

The median asking rent in America has posted declines three months in a row, according to Redfin. On an annual basis, December’s price represented a 0.8% drop.

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