RALEIGH, N.C. (WNCN) — While the Raleigh rental market is less expensive than many other metropolitan areas of a similar size, new data shows the number of households being burdened by rent has increased.
Using the latest estimates from the U.S. Census Bureau, Apartment List put out a new report this week showing that the number of “cost-burdened” renters — those spending more than 30 percent of their income on rent — had risen across 94 of the country’s 100 largest metro areas between 2019 and 2022, including Raleigh.
According to the report, 48 percent of renters in the Raleigh-Cary metro area were cost-burdened in 2022, up from 45% in 2019.
Additionally, 22 percent were “severely” cost-burdened — meaning more than half their household income was spent on rent.
The increase in rent burden comes despite the median income of renter households in the Raleigh metro area increasing by 26 percent during that time period while median rent increased at a lower rate, 24 percent.
About 48 percent of renters in the Durham-Chapel Hill metro area were also considered cost-burdened in the latest data, but that percentage was unchanged from the 2019 numbers.
The Durham-Chapel Hill area had a median income change of 30 percent among renters and a median rent change of 27 percent.
Nationwide, the latest estimates show 21.8 million renter households are now cost-burdened, up from 19.9 million in 2019. According to the new data, Florida has the highest rate, with 60.3 percent of renter households considered cost-burdened.