Apartment listing site ABODO recently released their findings about how much of their income renters spend on housing in major U.S. cities. The generally-accepted rule is to not spend more than 30 percent of your income on housing. That’s also easier said than done for many.
The good news is that Seattle came in at 78th overall, with 47 percent of renters spending more than 30 percent of their income on rent. That’s far below the percentages of renters in Miami (64 percent), Honolulu (59 percent), and Los Angeles (59 percent).
The bad news is that it’s still a lot of Seattle renters spending above what they’re supposed to because, well, what choice do they have?
The Stranger’s Charles Mudede points out that even at such a low ranking, that doesn’t mean we can assume things are going to be easier for Seattle renters in the months and years to come.
The fact that Seattle ranks 78 out of 100 major American cities cannot be disconnected from the fact that many of its poor and working class citizens left the city for cheaper, peripheral locations. But if rent continues to rise, even those with impressive paychecks will find most of it not going to trips, to savings, or to gifts for loved ones—but to the hand of the landlord.
According to ADOBO, the majority of the cost-burdened renters are making less than $20,000, followed closely by the $20,000 to $34,999 income range.