More than one-third of U.S. households are renting their residence, The Zebra reports. These 44.1 million households pay around $485 billion in rent each year. On top of this, renters insurance will run the average household around $148 annually.
Considering these expenses, more than 22.4 million households spend more than 30% of their income on rent, with another 12.1 million shelling out more than half for housing.
With this much at stake financially, renters have to weigh their options thoroughly when deciding where to live. While many may choose to live in apartments or multi-unit housing, some prefer to rent a standalone, single-family house.
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