Nearly half of U.S. renter households were cost-burdened in 2023, spending more than 30% of their income on housing, according to new Census Bureau data. This underscores the escalating home-affordability crisis, as both rents and home prices have risen since the pandemic. In Austin, 23.6% of renters are spending over half their income on housing, though recent data shows a cooling market with average rents declining to around $1,600 per month. Nationally, the median cost of housing for renters increased by 3.8% from 2022 to 2023. The burden varies significantly by race, with 56.2% of Black households and 53.2% of Hispanic households spending more than 30% of their income on housing. The Federal Reserve's interest rate decisions and economic policies continue to play a pivotal role in this housing cost dynamic.