48. Most Renters Have Stressed Household Budgets

 If you rent in Sharon, PA you likely have an income of $20,000 a year or less. 57% of renter occupied housing have households with an annual income of $20,000 a year or less.

What is the rent obligation as a percentage of a $20,000 a year household income? Rent for 1.8% of these household is less than 20% of the household budget. 10.4% have an impact of 20% to 29% of their household budget being taken up by rent. Those with an impact of 30% or more of their household budget going to rent is 39.5% of renters with income of less than $20,000 a year.

Renting households with incomes in the $20,000 to $34,999 range, they represent  21.2% of renter occupied housing units in Sharon, PA.

The impact upon their household budgets in the $20,000 to $34,999 range  as a percentage is that for those having a 20% or less impact on their household budget is 4.8%. For a 20% to 29% impact it is 6.2%. For an impact of 30% or more of the household budget it is 10.2% of the household income.

78.2% of renter occupied housing units have been accounted for so far in this description. THey ar in the have naught and home little quintile bands of income distribution.

Renting households with incomes in the $35,000 to $49,999 range, they represent 7.5% of renter occupied housing units in Sharon, PA.

The impact upon the household budget for the $35,000 to $49,999 range with a percentage impact of 20% of their budget is 3.2%. For a 20% to 29% impact it is 4.1%. For an impact of 30% or more of the household budget it is 0.3% of the household budget.

So, 85.7% of renter households have household incomes of $49,999 a year or less. The majority of renters have household incomes of $20,000 a year of less.

Rent as a percentage of a household’s income for the majority of renters is burdensome.

The household incomes are concentrated in the “have naughts” and “have a little” quintile bands for the measurement of income distribution. ( First quintile - have naughts, Second quintile - have little, Third quintile - have something, Fourth quintile - have enough, Fifth quintile - have yachts.)

The Census Bureau reports that the median monthly rent in Sharon, PA per the Census Bureau in 2015 was $584.00. That is, half the renters pay less and half pay more than $$584.00.
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