Americans Face Rising Housing Costs as Rent and Home Prices Outpace Incomes
A recent analysis highlights the growing financial burden on American households due to rising housing costs. Over the past two decades, both rent and house prices have increased at a rate faster than incomes, leading to a significant portion of the population being cost-burdened. According to Harvard's Joint Center for Housing Studies, in 2024, three-quarters of homeowners with incomes under $30,000 spent more than 30% of their wages on housing. Similarly, 49% of renting households, equating to 22.7 million, were also cost-burdened. The study by WalletHub ranks Hawaii as the most expensive state for both homeowners and renters, with residents spending over 50% of their income on housing. In contrast, the Midwest states like Iowa and Oklahoma are among the cheapest for housing costs. 
