Belleville

Business Briefing: More are ‘burdened’ by the cost of renting

Will Buss
Will Buss

More St. Louis-area residents are renting and paying more than the advised 30 percent of their incomes to do it.

The latest data from online apartment property tracker Apartment List finds that Census data from 2007-2014 shows 52 percent of U.S. home renters are “cost-burdened,” or are spending more than the recommended 30 percent of their incomes on housing. That’s up from 24 percent in 1960 and 38 percent in 2000.

In St. Louis, 52 percent of renters were cost-burdened in 2007. That increased to 53 percent by last year.

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Less freight and traffic have led to declining profit along the Norfolk Southern. The railroad’s third-quarter profit fell 19 percent after it had witnessed a 3 percent drop in freight. In response, Norfolk Southern has had to restructure some of its operations. Read more here.

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British drug manufacturer GlaxoSmithKline has seen sales rise by 55 percent. The growth follows the over-the-counter release of Flonase across the United States. Sales of the drug maker’s Voltaren and Panadol pain relievers have performed well in Europe. Learn more here.

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Walgreens’ recent $9.4 billion takeover of Rite Aid will likely mean some store closures or name changes as well as fewer brand names on the shelves. The move is also anticipated to bring more products such as vitamins and supplements to stores. Find out more here.

-Will Buss, BND business writer

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