The Dallas Morning News: Rent strains many wallets
A recent article by The Dallas Morning news discusses a 2023 census report showing that nearly a quarter of Dallas households devote over 50% of their income to rent, while about half spend over 30%.
The U.S. Department of Housing and Urban Development considers households to be cost-burdened when they spend more than 30% of their income on housing, whether it is rent, loans or mortgage payments. If these households pay more than 50% of their income, they’re severely cost-burdened.
“The reason it becomes a problem if a household is paying more than 30% of their income towards rent is that households have to juggle other expenses,” said Ben Martin, research director at Texas Housers. “Are they going to pay rent, or are they going to have enough money to take the bus to work? These are impossible trade-offs.”