From the Summit: Balancing Financial Considerations with Demographic Demands
Currently, there are 44 million renters in the US. With the recent volatility in the economy, 60% of the US is actually living month-to-month. In an ideal world, renters would have a rent-to-income ratio around 30%, which for many is difficult. This is especially true if you live in more expensive cities like New York, where more than a third of renters pay more than 50% of their gross monthly income in rent, and that’s before you take into account an additional 5-10% of gross monthly income going toward ancillary fees.