Get Cozy: Walls Are Closing in on Today's Renters
Zillow Group, Inc. - Class C Capital Stock (Z)
Last zillow group, inc. - class c capital stock earnings: 8/6 04:06 pm
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Source: PR Newswire
SEATTLE, April 11, 2019 /PRNewswire/ -- It's not just your imagination; renters are getting less bang for their buck these days. U.S. renters have to squeeze into homes 15 percent smaller than they would have five years ago to keep their monthly payment the same, according to a new HotPads® analysis.That's 225 square feet less space – equivalent to losing a 14-by-16-foot living room, or nearly two 10-by-12-foot bedrooms.The median U.S. rent is currently $1,530 and the median size of a rental unit is 1,260 square feet. In 2014, that same $1,530 monthly rent payment would have on average secured a rental that was 1,485 square feet, providing 225 square feet of extra space. Rent affordability has improved marginally over the same time period – the share of income spent on rent fell from 29.2 percent in early 2014 to 27.7 percent in late 2018, according to Zillow's rent affordability data. But while incomes have grown fast enough to allow the typical renter to better afford their rent pay
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