In most markets, rent is too darn high

According to Zillow, renters are spending twice as much of their income on housing than homeowners are on their mortgage payments

Although renting an apartment or home makes a lot of sense for some people, escalating rent prices are eating up a significant portion of renters’ income, according to a Zillow analysis of U.S. rental and mortgage affordability in the second quarter. Renters can expect to spend 30 percent of their income on rent — the highest percentage we have seen to date.