Rising rents hurting low-income households in 25 largest metros

Renting is often seen as a cheaper alternative to buying, especially when rental prices are only rising 2.6 percent year-over-year -- 3.6 percentage points less than the current for-sale housing price. But for households with the lowest income, even the least expensive apartments remain out of reach. The standard of affordability is when an individual or family spends less than 30 percent of the monthly income on housing costs, but renters who fall within the bottom third of income distribution in the 25 largest U.S. metros are spending anywhere from two to three times more than the recommended amount ...