Redfin Reports the Typical Swing State Renter Earns 17% Less Than Needed to Afford a Typical Apartment—An Improvement From the Last Presidential Election
During the last election cycle, the typical swing state renter household earned 21% less than they needed to afford the median priced apartment
In other words, the typical swing state renter household earns 17.1% less than they need to afford the typical apartment. That’s a sizable shortfall, but is an improvement from the last
It’s also an improvement from last year, when the typical renter household earned 22.1% less (
Redfin’s report focuses on swing states because voters in those states will decide the winner of the 2024 presidential election, and housing affordability—or lack thereof—is a crucial issue on voters’ minds. Redfin considers this year’s swing states to be
Rental affordability in swing states has improved because incomes have been rising and rents have been sluggish. The pandemic homebuilding boom boosted apartment supply, putting downward pressure on rents. The
“America’s swing state voters will decide the outcome of the next presidential election based on the candidates’ plans for tackling key issues including the housing affordability crisis,” said Redfin Chief Economist
The typical swing state renter is “rent burdened”—meaning they spend more than 30% of their income on housing—but less so than before. A swing state renter making the median income would now need to spend 36.2% of their income to rent the median priced apartment, down from 38.5% last year and 37.8% during the prior election cycle.
Swing State Rental Affordability Has Improved Most in
The typical renter household in
Swing state |
Income needed
|
Median renter
|
Income
|
Change in
|
Share of income typical
|
Median
|
|
|
|
2.6% |
-9.7 ppts |
30.8% |
|
|
|
|
16.8% |
-3.0 ppts |
36.1% |
|
|
|
|
16.3% |
5.1 ppts |
35.9% |
|
|
|
|
6.5% |
-5.4 ppts |
32.1% |
|
|
|
|
16.2% |
-3.7 ppts |
35.8% |
|
|
|
|
29.6% |
-3.6 ppts |
42.6% |
|
|
|
|
15.8% |
-2.7 ppts |
35.6% |
|
Swing states
|
|
|
17.1% |
-3.5 ppts |
36.2% |
|
Michigan Is Only Swing State Where Rental Affordability Has Worsened Since Last Election
Pennsylvania Renters Face the Worst Rental Affordability Problem
The typical renter household in
The typical renter household in
To view the full report, including charts and methodology please visit: https://www.redfin.com/news/swing-state-rental-affordability
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240919713441/en/
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Source: Redfin