 Meanwhile, half of U.S. households that are renting are spending over 30% of their income on housing, and 12 million of those households are spending over half their income on rent. An imbalance of supply and demand continues to be at the core of what's driving prices. For renters, prices are 26% higher than they were in 2020, and home prices are now 47% higher than they were early in the same year.