Flood Warning Wx Alerts
Livestream View Now

Majority of Terre Haute renters "cost-burdened"

Rent is too high. That's the message from many Terre Haute renters and it's backed-up by new research showing more than half of the renters in the city are "cost-burdened" meaning they pay thirty percent or more of their income on rent.

Posted: Nov. 13, 2017 9:44 PM
Updated: Nov. 13, 2017 10:56 PM

TERRE HAUTE, Ind. (WTHI) - Rent is too high. That's the message from many Terre Haute renters and it's backed-up by new research showing more than half of the renters in the city are "cost-burdened" meaning they pay thirty percent or more of their income on rent.

According to a new Apartment List Report, the number of renters forking over large chunks of their income for housing is down nationwide but Terre Haute renters say there are few good, affordable options and it's a predicament causing them to pay a hefty bill.

Renter Blake Lowe says, "Oh yeah, majority of it is towards rent and for groceries, stuff like that, but it's all rent."

According to the report, more than fifty-five percent of Terre Haute renters pay thirty percent or more of their income on housing. More than twenty-five percent are considered "severely cost-burdened" spending more than half their earnings on rent.

Many tell News 10 the price does npt necessarily reflect the quality of homes.

Jacob Bezold moved to Terre Haute three years ago from Lawrenceburg, Indiana. He is living in the area as he finishes his medical degree.

"Looking from when I was coming out of town it seemed like there were a lot of options but the options were kind of a dichotomy of really expensive or like really not nice places to live."

Some say they had to make a decision to pay more for rent than they can really afford just to live in a clean, safe place.

Lowe says safety and neighborhood were things her considered when looking for a place to live.

“I wouldn’t live more than two miles from campus because then the quality of the houses aren’t that great.”

The numbers show from 2015 to 2016 rents went up twelve percent while Terre Haute income only increased five percent.

While the cost may be high, still more are choosing to rent instead of buy a home. Experts say, for many, it is easier to rent than save money for a mortgage.

Bezold says, "Definitely, and I'll do that as well with student loans and eight years of college. It is pretty expensive as well so you can't really go mortgage a house, I guess, right away."

Experts say, nationwide, there has been an increase in high-income renters and decrease in low-income renters. This could be due to consumers leaving the market by staying with friends and family because they simply cannot afford housing.

Article Comments