Rising rents taking up growing share of Americans’ income

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sharp rent increases in many parts of the country are eating up a bigger share of Americans’ monthly income, squeezing tenants already grappling with rising prices for gasoline, food and other necessities. Households with a median U.S. rent of $1,179 in August tapped 30.3% of their monthly income to pay their rent, up from 29.4% a year earlier, according to an analysis by Zillow. The real estate information company examined data on median rents and household incomes across 50 of the nation’s biggest cities. Economists generally define housing as affordable when rent is less than 30% of tenants’ monthly income.