The latest U.S. Census report on rental housing costs and the median income of those who rent shows a growing gap, leaving an increasing number of households burdened by their rental costs and, therefore, in danger of becoming homeless. Over the last decade, Connecticut’s median renter household income has grown 7.2% while the state’s median gross rent has increased 45.7%, six times as fast. The growing gap has contributed to Census findings that 51% of the state’s renters pay more that 30% of their income on housing while 27% are severely burdened by their housing costs, spending over 50% of their income on housing.
Although median rent decreased slightly 2009 to 2010, it may not indicate an end to Connecticut’s chronic undersupply of rental housing. 2009 to 2010 median gross rent decreased 1.39%, while overall median income and renters’ median income declined a much larger 4.5% and 5.4%, respectively. The slight dip in rents could be a result of falling incomes, and landlords forced to accept less rent.
A graph and data table showing the gap over the last decade can be found here.