7.2 Renters Paying More than 30% of Income for Rental Housing Costs
This indicator is part of Safe, affordable housing.
This indicator notes the rate at which Albuquerque renters pay 30% or more of their household income towards gross rent, which is amount of the contract rent plus the estimated average monthly cost of utilities, such as electricity, gas, water and sewer, if these are paid by the tenant. The percentage of housing burdened renters in Albuquerque was trending downward until 2004, but in 2007 is at its highest level. This is possibly due to rising housing prices, or may be because those renters who were less housing burdened were the ones who purchased homes. Despite the upward trend, Albuquerque renters are less housing burdened than residents in some other areas of the Southwest.
Why is this indicator relevant?
Residents paying more than 30% of their household income for housing are considered housing burdened, and may be less likely to be able to pay their rent, or have to choose between paying rent and other necessities of life, including food or healthcare. This indicator speaks to the amount of affordable rental housing available, but also reflects choices made by consumers to rent within their means. This indicator may also reflects life changes, such as job loss or death of a bread winner, which may leave some residents rent burdened.
American Community Survey, US Census Bureau.
What can we tell from the data?
- Albuquerque's rental housing burden continues to rise.
- In comparison to 2008, only El Paso has a lower renter's burden rate. Every other peer community, as well as the nation at large, has seen an increase. Albuquerque saw a 5% increase in this time span, compared to 13% for Oklahoma City and 11% for Salt Lake City.
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