This has become more of an issue in recent years. A renter is defined as cost-burdened if they spend more than 30 percent of their income on housing costs. According to the study, there were 6 million more cost-burdened renters in 2018 than in 2001.
And it's not just lower-income folks who are feeling the pinch. In recent years, there’s been a surge in demand for rental units among higher-income Americans. Households with incomes of at least $75,000 accounted for more than three-quarters of the growth in renters (3.2 million) from 2010 to 2018.