The Wall Street Journal's Laura Kusisto looks at fresh American Community Survey data that show that housing affordability is improving for many American households while the popularity of single-family rentals has nosedived.
The share of rental households that were cost burdened, meaning they paid at least 30% of their incomes on rent, fell to 49% last year, down from 50% a year earlier, the lowest mark since 2008.
Indeed, across the board, there are signs that affordability challenges are beginning to ease. Some 33.6% of households were cost-burdened in 2015, meaning they spent more than 30% of their incomes on housing costs, down from 34.6% a year earlier, the fifth straight year of declines.
There was also a surprising decline in the popularity of single-family rentals, which until now have seen the strongest gains of all housing stock coming out of the recession, with a 34% jump between 2006 and 2015. That trend may finally be starting to reverse, as 16.8% of single-family homes were rented in 2015, down from 17% a year earlier–the first decline since 2006 ...