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Tuesday, November 14, 2017

48 Percent of Cleveland Renters Were 'Cost Burdened' in 2016

Posted By on Tue, Nov 14, 2017 at 11:33 AM

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Though the percentage of renters who are "cost burdened" — those spending more than 30% of their income on monthly rent — has dropped nationally to its lowest point since 2008, a study from Apartment List found that 47.9% of Cleveland metro area residents still meet that threshold, which puts us squarely in the middle of the pack and about average for a large city.

The good news is that an increase in wages in Cleveland and other Midwest cities over the last decade has outpaced increases in average monthly rent — for Cleveland, income jumped 5% since 2005 while rental averages actually dropped about 5% — generally indicating a more affordable rental housing market.

But that, of course, is for some, not all. Twenty-six-percent of Northeast Ohioans are "severely cost burdened," meaning they spend more than 50% of their income on rent.

A new study from the Center for Community Solutions, released earlier this week, paints a striking picture of the disparities in housing, as well as education, income and health, among Cuyahoga County's 11 council districts. It's particularly illustrative of what communities fall into that severely cost burdened subset. Among some of its findings: 1 in 3 residents in the districts including the city of Cleveland live below the poverty line and more than 50% of renters countywide live in unaffordable housing (specifically in the city of Cleveland, East Cleveland, University Heights and Cleveland Heights).

The district profiles are well worth your time. They can be found here.

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