Harvard Report Finds Nearly 1 In 2 U.S. Renters Struggling With Housing Costs
A new report from Harvard University’s Joint Center for Housing Studies confirms what many consumers in the St. Louis area already know. Housing affordability remains a challenge, not just for homebuyers dealing with higher mortgage rates and home prices, but also for renters who are seeing a larger share of their income go toward housing.
According to Harvard’s 2026 America’s Rental Housing report, nearly half of all renter households in the United States are now considered cost burdened, meaning they spend more than 30% of their income on housing. Even more concerning, a record number of renters are spending more than half of their income just to keep a roof over their heads. Click here to view the full Harvard report.
The interactive map below shows renter cost burdens by city and helps put this issue into perspective. While St. Louis remains more affordable than many major metropolitan areas, that does not mean local renters and buyers have been immune from these pressures. Rising rents make it harder for renters to save for a down payment, and when that is combined with higher home prices, limited inventory, and elevated mortgage rates, the path to homeownership becomes more difficult.
In the St. Louis metro area, home prices have continued to rise over the past several years despite higher interest rates. Inventory remains relatively limited in many price ranges, particularly at the entry level where first time buyers are often competing for the same homes. At the same time, renters who might otherwise be preparing to buy are finding it harder to build savings, which keeps more households renting longer than they had planned.
One of the important takeaways from the Harvard report is that affordability challenges are no longer limited to lower income households. More middle income households are feeling stretched by housing costs as well. For consumers, this is a reminder that housing decisions today require more planning than ever before, whether that means renting longer, buying sooner, adjusting price expectations, or exploring financing and assistance options.
For policymakers, builders, lenders, and the real estate industry, the report reinforces the need for more housing supply, particularly housing that is attainable for working families. There is no single solution, but increasing the availability of housing at a variety of price points will be essential if affordability is going to improve. The Harvard report is national in scope, but the message is very relevant here in St. Louis.
