A new report from Zillow shows rent is increasing faster than income, with the typical U.S. rent now at $1,997 per month, according to the Zillow Observed Rent Index.
This means renters need to make almost $80,000 a year to comfortably afford their rent payments.
Since the pandemic, rents have increased by a total of 31.4%. Rents are up 3.6% from last year.
An analysis by Zillow and StreetEasy found rents in the U.S. have grown 1.5 times faster than wages since 2019.
Rent is the highest percentage of income in Miami, with 43% of income spent on typical rent. Miami is followed by New York City, Los Angeles, Riverside, and San Diego.
The most affordable metro areas for renters include Salt Lake City, Minneapolis, St. Louis, Austin, and Raleigh, North Carolina. In Salt Lake City, about 20% of household income is spent on rent.
