The hot real estate market isn’t just posing a challenge to buyers, but also to renters. According to new research by real estate firm Redfin, an estimated 2.7 million renters faced evictions last year. Furthermore, while incomes have risen 35% since 2000, rents have surged a whopping 65%, resulting in more than 20 million Americans spending over 30% of their incomes on rent, compared to 15 million in 2001.
While information is limited as to the cause of evictions, data suggests that those most affected are foreign-born immigrants.
The chart below by Redfin displays the 30 largest metros where eviction data is available and shows the change in housing cost burden from 2011 to 2014 along with the eviction rate in 2014.
