Feb. 09--Renters in nine of the nation's 11 largest metropolitan areas, including Chicago, outnumbered homeowners in 2013, causing a scarcity of rental apartments, particularly for the neediest consumers, according to a study released Monday.
Along with Chicago, where there was a 12 percent increase in renters from 2006 to 2013, there were more renters than homeowners in Miami, Boston, Washington, San Francisco, Los Angeles, Houston, New York City and Dallas.
In 2006, renters outnumbered homeowners in just five markets, according to the report by New York University's Furman Center and Capital One.
The research also found that 29 percent of moderate-income renters in the Chicago area were severely rent-burdened in 2013, meaning their rent and utility costs were equal to, or more than, their income.
Dallas and Houston were the only cities in which the average renter -- but not the average low-income renter -- could afford most of the available apartments. To be considered "affordable," rent should constitute no more than 30 percent of household income.
The study found that low-income renters in Chicago could afford only 6 percent of units.
mepodmolik@tribpub.com
Twitter @mepodmolik
