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ccording to Redfin's latest data, nearly one in five U.S. renters (22%) are spending their entire income on rent in 2024, highlighting the growing affordability crisis. Many are taking drastic measures to cover housing costs, with 20% working a second job and 19% accepting jobs they dislike.

    Some renters rely on family support, with 14% using cash gifts from relatives to make rent payments. Others tap into their retirement savings, with over 13% withdrawing funds early and 12% reducing contributions to meet housing expenses.

    Although rent growth has slowed in recent years, current prices remain significantly higher than pre-pandemic levels. This disparity between rising rents and stagnant wages is particularly challenging for lower-income households. However, the influx of newly built apartments may ease price growth and improve affordability.

    Renting remains a popular option due to the even greater affordability pressures in the home-buying market. In fact, Redfin analysis shows that renter households are growing three times faster than homeowner households, as homeownership costs continue to outpace rents.

    This data is based on a survey of 1,802 U.S. residents aged 18-65 conducted by Ipsos for Redfin in September 2024.