A new report found the average US renter now spends 30 percent of their income on rent, marking an all-time high. For many renters, the increase prevents them from saving or spending on other essentials like food, health care, or school supplies. “We are in a situation where this cost of shelter—a necessity to life—has continued to rise and it is hurting households,” said Thomas LaSalvia, director of economic research at Moody’s Analytics.