How many Tri-Cities renters are “cost-burdened”


Housing is taking on a new edge with the media  with the release of Harvard’s Joint Center for Housing Studies report that say the number of “cost burdened” renters who spend at least 30% of their income on housing reached 20.8 million in the U.S. in 2013.

During the past year there have been several Northeast Tennessee Association of Realtors’ President Columns that cited the local numbers via the 2013 American Community Survey.

Here’s the local numbers according to the Census report:

.
Bristol, VA – 46.4%.
Bristol, TN – 51.3%.
Elizabethton, TN – 42%.
Erwin, TN – 45%.
Greeneville, TN – 52.1%.
Johnson City – 54.5%.
Kingsport – 49.3%.

More on the Harvard Report can be found at http://www.businessinsider.com/paying-rent-could-become-even-more-of-a-nightmare-2015-6

Here a link to a comparison of rental costs vs. what homeowners pay for housing http://www.netar.us/news/tri-cities-housing-affordability-stands-up-well-against-price-increases/

 

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