Housing Cost Burden Rises to Record Level in 2023

An all-time high 42.9 million households were cost burdened in 2023, according to the 2023 American Community Survey.

To be “cost burdened” means a household spends more than 30% of its income on housing costs.

Year-over-year, an additional 850,000 households were cost burdened, and an additional 21.5 million households were severely cost burdened, devoting more than 50% of their income to housing.

Homeowners were the most burdened households, with 24% of homeowners burdened by housing costs.

The increase in burdened homeowners is attributable to rising insurance and property taxes, according to the Joint Center for Housing Studies of Havard University.

Read the full report here.