The rising costs of living have affected affordability for renters across the country. Nationwide, renters today need to earn more than $80,000 to comfortably afford the typical rental, up from $60,000 just five years ago. In eight major metro areas, renters now need to make six figures to comfortably afford rent, a new Zillow analysis reveals.
Since April 2020, rent for a typical U.S. apartment has increased by 28.7 percent, to $1,858, while rent for a single-family home increased by 42.9 percent, to $2,256. Over that time, the median household income has only risen by 22.5 percent, to about $82,000 — showing that wages have not kept up with rents.
“Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages,” said Orphe Divounguy, senior economist at Zillow. “This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home. High up-front costs are
