More Tri-City income going to rent

The rising cost of renting a home in the Tri-Cities means a rising number of households spend too much of their income to keep a roof over their heads.

More than 51.2 percent of renters in Benton and Franklin counties pay more than 30 percent of their income in rent, according to the latest statistic published by Benton-Franklin Trends.

Paying more than 30 percent means less money for savings and other priorities. There is even a movement to slash the 30 percent guideline to 15 percent.

This week’s report concludes that the rate of people paying 30 percent or more for rent is climbing steadily in Benton and Franklin counties.

The shift is most pronounced in Benton County, where 53.1 percent of renters pay more than 30 percent on rent. For Franklin County, the rate is 42.1 percent.

Low vacancy rates for the Tri-City apartment market have helped drive rents and new construction. Trends reports the fair market rent for a one bedroom apartment in Benton and Franklin counties rose 23 percent between 2008 and 2015.

Benton-Franklin Trends is an initiative of the Institute for Public Policy and Economic Analysis at Eastern Washington University to use state and federal data to measure key aspects of the region’s economic, civic and educational life.

Since 2005, 16 percent more households in Benton and Franklin counties are paying more than 30 percent of their income toward rent. That compares to 8.7 percent statewide and 13 percent nationwide.

The collection of statistics including the most recent release is online: bit.ly/BF-Trends.

This story was originally published May 13, 2016 at 2:26 PM with the headline "More Tri-City income going to rent."