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A Redfin-Ipsos survey of 1,802 U.S. residents in September 2024 reveals that over 22% of renters spend their entire income on rent, intensifying affordability challenges. To cope, 20% have taken second jobs, 14% rely on family support, and 13% have tapped retirement savings early. Despite stable rent growth, prices remain above pre-pandemic levels, outpacing wage increases. While new apartment construction may ease rental price pressures, affordability remains a critical issue.
New data from Redfin reveals that in 2024, over 22% of U.S. renters spend their entire income on rent. To cope with rising housing costs, 20% have taken on second jobs, while 19% work in jobs they dislike to afford rent. Additionally, 14% rely on financial help from family, 13% have tapped into retirement savings early, and 12% have reduced retirement contributions. Despite rent growth stabilizing over the past year, rental prices remain much higher than pre-pandemic levels, outpacing wage increases. This has intensified affordability challenges, especially for lower-income renters. However, the influx of newly built apartments could help ease rental price pressures and improve affordability. Advertisement
The market may see a slowdown in price growth, but renting remains popular due to even greater affordability challenges in the home-buying sector. A separate Redfin analysis found that renter households are increasing three times faster than homeowner households, as homeownership costs continue to rise more quickly than rents. These insights come from a Redfin-commissioned survey conducted by Ipsos in September 2024, which polled 1,802 U.S. residents aged 18 to 65.
Ipsos is a leading global market research firm that specializes in collecting and analyzing data on consumer behavior, public opinion, and economic trends. In partnership with Redfin, Ipsos conducted a survey in September 2024 involving 1,802 U.S. residents aged 18 to 65, shedding light on the dynamics of the U.S. rental market. The survey found that renter households are growing three times faster than homeowner households due to escalating homeownership costs, underscoring the shift toward renting as a more accessible option amid rising affordability challenges.
Redfin is a technology-powered real estate brokerage that provides services for buying, selling, and renting homes. Known for its innovative use of data and technology, Redfin offers tools such as real-time market analysis and home value estimates. It also conducts research on housing trends, providing insights into market dynamics. In 2024, Redfin partnered with Ipsos to survey U.S. residents, revealing a rapid increase in renter households due to rising homeownership costs, highlighting affordability issues in the housing market.
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