{"id":78121,"date":"2024-06-24T05:00:20","date_gmt":"2024-06-24T12:00:20","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78121"},"modified":"2024-09-27T14:57:10","modified_gmt":"2024-09-27T21:57:10","slug":"renter-incomes-affordability-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/renter-incomes-affordability-2024\/","title":{"rendered":"Renters Must Earn $66,120 to Afford the Typical U.S. Apartment. The Typical Renter Makes $11,000 Less Than That."},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Just 39% of renters make enough to afford the median-priced apartment.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The typical renter earns enough to afford the median-priced apartment in just five metros Redfin analyzed, including Austin and Phoenix. New York and Miami are home to the least affordable apartments.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The typical U.S. renter household earns an estimated $54,712 per year. That\u2019s 17.3% less\u2014or $11,408 in dollar terms\u2014than the $66,120 a renter must earn to afford monthly rent for the median-priced U.S. apartment ($1,653). Just 39% of renters make enough money to afford the median-priced apartment.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-iDaF2\" style=\"border: none;\" title=\"U.S. Renters Must Earn $66,000 to Afford Typical Apartment\" src=\"https:\/\/datawrapper.dwcdn.net\/iDaF2\/1\/\" width=\"600\" height=\"430\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of median U.S. apartment asking rents as of the three months ending May 31, 2024 (referred to as \u201cMay\u201d throughout this report), and estimated median incomes for renter households (referred to as \u201crenters\u201d throughout this report). We estimated 2023-2024 median household incomes using U.S. Census Bureau data from 2022\u2014the most recent full year available\u2014and Atlanta Federal Reserve data on year-to-date wage growth covering workers in the bottom half of the wage distribution. We consider an apartment affordable if a renter spends no more than 30% of their income on rent (which is the same as saying their annual income is at least 40 times their monthly rent).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount renters must earn to afford the median-priced apartment is at the highest level since October 2022. It\u2019s up 0.8% year over year and up 22.9% from before the pandemic (May 2019), as that\u2019s how much asking rents have risen. At $1,653, the median U.S. apartment asking rent in <\/span><a href=\"https:\/\/www.redfin.com\/news\/asking-rents-highest-since-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">May<\/span><\/a><span style=\"font-weight: 400;\"> was just $47 shy of its record high. Still, it\u2019s worth noting that rent growth is essentially flat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRents are growing at a snail\u2019s pace compared to the rapid increases we saw during the pandemic, and are unlikely to soar again anytime soon. As a result, wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThat will help narrow the affordability gap for renters, but for a lot of folks, the math still won\u2019t check out. Many U.S. renters are and will remain burdened by the cost of having a roof over their head, and unlike homeowners, they\u2019re not building wealth through rising property values.\u201d<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-5Yzs6\" style=\"border: none;\" title=\"Wage Growth Is Outpacing Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/5Yzs6\/1\/\" width=\"600\" height=\"477\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">The income a renter needs to afford the typical apartment did drop last year, but is now rising again as rents rebound. It fell to as low as $63,920 in December 2023, when rents briefly dipped below $1,600, but that was still unaffordable for many renters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multifamily construction surged during the pandemic, which is what caused rents to fall, but rents are now being buoyed by resilient demand; many <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">young<\/span><\/a><span style=\"font-weight: 400;\"> r<\/span><span style=\"font-weight: 400;\">enters are opting to <\/span><a href=\"https:\/\/www.redfin.com\/news\/renters-staying-put-longer\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stay put<\/span><\/a><span style=\"font-weight: 400;\"> rather than confront an increasingly<\/span> <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">unaffordable<\/span><\/a> <span style=\"font-weight: 400;\">homebuying market. Still, there\u2019s still a <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">backlog<\/span><\/a><span style=\"font-weight: 400;\"> of new units that are hitting the market every month, which is putting a lid on how much prices can grow.\u00a0<\/span><\/p>\n<h3>In New York and Miami, the Typical Renter Earns Roughly 40% Less Than They Need to Afford the Typical Apartment<\/h3>\n<p><span style=\"font-weight: 400;\">In New York, the typical renter earns an estimated $67,358 per year. That\u2019s 43.5% less than the $119,120 a renter needs to afford the median-priced apartment\u2014the biggest gap among the 33 major metros Redfin analyzed. Next comes Miami (42.2% less), followed by Boston (38.7% less), Los Angeles (36.1% less) and Riverside, CA (30.8% less).<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Income required to afford median-priced apartment<\/b><\/td>\n<td><b>Estimated median renter household income\u00a0<\/b><\/td>\n<td><b>Median asking rent<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$119,120<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$67,358<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,978<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$99,440<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$57,471<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,486<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$113,400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$69,493<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,835<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$112,440<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$71,853<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,811<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,480<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$64,016<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,312<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">New York is perennially one of the most expensive rental markets, but affordability challenges have been intensifying; rents rose 9.2% from a year earlier in May\u2014one of the biggest increases in the nation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Miami, rents <\/span><i><span style=\"font-weight: 400;\">fell<\/span><\/i><span style=\"font-weight: 400;\"> 4.2% year over year, but affordability remains strained because costs soared so much during the pandemic moving frenzy.<\/span><\/p>\n<h3>The Typical Renter Earns Enough to Afford the Median-Priced Apartment in Just Five Metros Redfin Analyzed<\/h3>\n<p><span style=\"font-weight: 400;\">In Austin, TX, the typical renter earns an estimated $72,808 per year. That\u2019s 16.8% <\/span><i><span style=\"font-weight: 400;\">more<\/span><\/i><span style=\"font-weight: 400;\"> than the $62,360 a renter needs to afford the median-priced apartment (a big jump from 2023, when the typical renter earned just 2.7% more). There are four other major metros Redfin analyzed where renters earn enough to afford the typical apartment: Houston (10.2% more), Phoenix (9.2% more), Washington, D.C. (3.2% more) and Dallas (0.9% more).<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Income required to afford median-priced apartment<\/b><\/td>\n<td><b>Estimated median renter household income\u00a0<\/b><\/td>\n<td><b>Median asking rent<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$62,360<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$72,808<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,559<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$51,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$56,177<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,275<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,640<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$67,302<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,541<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,680<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,336<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,067<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,160<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,740<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,529<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Austin has seen one of the steepest dropoffs in rents in the U.S., helping to make apartments more affordable. The median apartment asking rent in the Texas capital fell 7.2% year over year in May\u2014the third biggest decline among the metros Redfin analyzed. Rents also fell in Phoenix and Dallas, down 5.5% and 1.3%, respectively.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Q4EB7\" style=\"border: none;\" title=\"Asking Rents Drop in Austin But Rebound Nationally\" src=\"https:\/\/datawrapper.dwcdn.net\/Q4EB7\/2\/\" width=\"600\" height=\"457\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Rents are falling in the Sun Belt in part because the region has been building more apartments than other parts of the country (like the Midwest and Northeast) to meet demand brought on by the influx of people who moved in during the pandemic. But the pandemic housing boom is now in the rearview mirror, and property owners are facing vacancies, <\/span><span style=\"font-weight: 400;\">which is causing rents to cool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Washington, D.C., which has a lot of high-income transient workers, is the most notable outlier in the table above. While the typical renter earns slightly more than they need to afford the median-priced apartment, the gap is shrinking as rents rise; the typical D.C. renter earns $2,656 more than they need to afford the median-priced apartment, compared with $6,487 more in 2023. Asking rents in Washington, D.C. rose 11.1% from a year earlier in May\u2014the biggest jump among the metros Redfin analyzed.<\/span><\/p>\n<h3>Metro-Level Summary<\/h3>\n<p><i><span style=\"font-weight: 400;\">Metro-level data in this report covers 33 of the 50 most populous U.S. core-based statistical areas (CBSAs)\u2014those for which Rent. and Redfin have sufficient rental data. The national figures are based on data for the entire U.S. <\/span><\/i><i><span style=\"font-weight: 400;\">Median asking rents cover newly listed units in apartment buildings with five or more units.<\/span><\/i><\/p>\n\n<table id=\"tablepress-407\" class=\"tablepress tablepress-id-407\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Income required to afford median-priced apartment<\/strong><\/th><th class=\"column-3\"><strong>Estimated median renter household income<\/strong><\/th><th class=\"column-4\"><strong>Difference between income required and estimated median renter household income<\/strong><\/th><th class=\"column-5\"><strong>Share of renter households that earn enough to afford median-priced apartment<\/strong><\/th><th class=\"column-6\"><strong>Median asking rent\u00a0<\/strong><\/th><th class=\"column-7\"><strong>Year-over-year change in median asking rent\u00a0<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">$62,800 <\/td><td class=\"column-3\">$61,740 <\/td><td class=\"column-4\">-1.7%<\/td><td class=\"column-5\">49.0%<\/td><td class=\"column-6\">$1,570 <\/td><td class=\"column-7\">-1.1%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">$62,360 <\/td><td class=\"column-3\">$72,808 <\/td><td class=\"column-4\">16.8%<\/td><td class=\"column-5\">56.7%<\/td><td class=\"column-6\">$1,559 <\/td><td class=\"column-7\">-7.2%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">$63,960 <\/td><td class=\"column-3\">$58,257 <\/td><td class=\"column-4\">-8.9%<\/td><td class=\"column-5\">45.9%<\/td><td class=\"column-6\">$1,599 <\/td><td class=\"column-7\">6.6%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">$113,400 <\/td><td class=\"column-3\">$69,493 <\/td><td class=\"column-4\">-38.7%<\/td><td class=\"column-5\">30.2%<\/td><td class=\"column-6\">$2,835 <\/td><td class=\"column-7\">7.4%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">$60,760 <\/td><td class=\"column-3\">$56,123 <\/td><td class=\"column-4\">-7.6%<\/td><td class=\"column-5\">46.4%<\/td><td class=\"column-6\">$1,519 <\/td><td class=\"column-7\">-3.8%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">$70,000 <\/td><td class=\"column-3\">$56,207 <\/td><td class=\"column-4\">-19.7%<\/td><td class=\"column-5\">40.8%<\/td><td class=\"column-6\">$1,750 <\/td><td class=\"column-7\">10.8%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">$54,880 <\/td><td class=\"column-3\">$44,887 <\/td><td class=\"column-4\">-18.2%<\/td><td class=\"column-5\">41.2%<\/td><td class=\"column-6\">$1,372 <\/td><td class=\"column-7\">10.9%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">$61,160 <\/td><td class=\"column-3\">$61,740 <\/td><td class=\"column-4\">0.9%<\/td><td class=\"column-5\">50.7%<\/td><td class=\"column-6\">$1,529 <\/td><td class=\"column-7\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">$73,960 <\/td><td class=\"column-3\">$72,302 <\/td><td class=\"column-4\">-2.2%<\/td><td class=\"column-5\">48.8%<\/td><td class=\"column-6\">$1,849 <\/td><td class=\"column-7\">0.3%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">$56,120 <\/td><td class=\"column-3\">$46,010 <\/td><td class=\"column-4\">-18.0%<\/td><td class=\"column-5\">42.3%<\/td><td class=\"column-6\">$1,403 <\/td><td class=\"column-7\">3.9%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">$51,000 <\/td><td class=\"column-3\">$56,177 <\/td><td class=\"column-4\">10.2%<\/td><td class=\"column-5\">54.0%<\/td><td class=\"column-6\">$1,275 <\/td><td class=\"column-7\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">$57,880 <\/td><td class=\"column-3\">$49,550 <\/td><td class=\"column-4\">-14.4%<\/td><td class=\"column-5\">40.6%<\/td><td class=\"column-6\">$1,447 <\/td><td class=\"column-7\">7.2%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">$60,800 <\/td><td class=\"column-3\">$57,291 <\/td><td class=\"column-4\">-5.8%<\/td><td class=\"column-5\">47.3%<\/td><td class=\"column-6\">$1,520 <\/td><td class=\"column-7\">-10.1%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">$61,080 <\/td><td class=\"column-3\">$56,066 <\/td><td class=\"column-4\">-8.2%<\/td><td class=\"column-5\">46.3%<\/td><td class=\"column-6\">$1,527 <\/td><td class=\"column-7\">5.3%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">$112,440 <\/td><td class=\"column-3\">$71,853 <\/td><td class=\"column-4\">-36.1%<\/td><td class=\"column-5\">28.7%<\/td><td class=\"column-6\">$2,811 <\/td><td class=\"column-7\">-2.6%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">$99,440 <\/td><td class=\"column-3\">$57,471 <\/td><td class=\"column-4\">-42.2%<\/td><td class=\"column-5\">24.2%<\/td><td class=\"column-6\">$2,486 <\/td><td class=\"column-7\">-4.2%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">$67,040 <\/td><td class=\"column-3\">$56,111 <\/td><td class=\"column-4\">-16.3%<\/td><td class=\"column-5\">41.7%<\/td><td class=\"column-6\">$1,676 <\/td><td class=\"column-7\">10.3%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">$64,200 <\/td><td class=\"column-3\">$58,370 <\/td><td class=\"column-4\">-9.1%<\/td><td class=\"column-5\">44.9%<\/td><td class=\"column-6\">$1,605 <\/td><td class=\"column-7\">-5.3%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">$119,120 <\/td><td class=\"column-3\">$67,358 <\/td><td class=\"column-4\">-43.5%<\/td><td class=\"column-5\">26.2%<\/td><td class=\"column-6\">$2,978 <\/td><td class=\"column-7\">9.2%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">$71,800 <\/td><td class=\"column-3\">$58,314 <\/td><td class=\"column-4\">-18.8%<\/td><td class=\"column-5\">39.5%<\/td><td class=\"column-6\">$1,795 <\/td><td class=\"column-7\">-4.0%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">$77,900 <\/td><td class=\"column-3\">$55,589 <\/td><td class=\"column-4\">-28.6%<\/td><td class=\"column-5\">35.3%<\/td><td class=\"column-6\">$1,948 <\/td><td class=\"column-7\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">$61,640 <\/td><td class=\"column-3\">$67,302 <\/td><td class=\"column-4\">9.2%<\/td><td class=\"column-5\">54.3%<\/td><td class=\"column-6\">$1,541 <\/td><td class=\"column-7\">-5.5%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">$58,000 <\/td><td class=\"column-3\">$47,134 <\/td><td class=\"column-4\">-18.7%<\/td><td class=\"column-5\">40.9%<\/td><td class=\"column-6\">$1,450 <\/td><td class=\"column-7\">-2.4%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">$74,400 <\/td><td class=\"column-3\">$67,358 <\/td><td class=\"column-4\">-9.5%<\/td><td class=\"column-5\">45.1%<\/td><td class=\"column-6\">$1,860 <\/td><td class=\"column-7\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">$92,480 <\/td><td class=\"column-3\">$64,016 <\/td><td class=\"column-4\">-30.8%<\/td><td class=\"column-5\">32.2%<\/td><td class=\"column-6\">$2,312 <\/td><td class=\"column-7\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">$81,600 <\/td><td class=\"column-3\">$66,235 <\/td><td class=\"column-4\">-18.8%<\/td><td class=\"column-5\">38.6%<\/td><td class=\"column-6\">$2,040 <\/td><td class=\"column-7\">1.7%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">$112,800 <\/td><td class=\"column-3\">$78,594 <\/td><td class=\"column-4\">-30.3%<\/td><td class=\"column-5\">31.5%<\/td><td class=\"column-6\">$2,820 <\/td><td class=\"column-7\">-8.7%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">$109,740 <\/td><td class=\"column-3\">$96,403 <\/td><td class=\"column-4\">-12.2%<\/td><td class=\"column-5\">45.3%<\/td><td class=\"column-6\">$2,744 <\/td><td class=\"column-7\">-2.7%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">$131,000 <\/td><td class=\"column-3\">$119,380 <\/td><td class=\"column-4\">-8.9%<\/td><td class=\"column-5\">46.5%<\/td><td class=\"column-6\">$3,275 <\/td><td class=\"column-7\">0.9%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">$83,600 <\/td><td class=\"column-3\">$78,538 <\/td><td class=\"column-4\">-6.1%<\/td><td class=\"column-5\">47.6%<\/td><td class=\"column-6\">$2,090 <\/td><td class=\"column-7\">-5.9%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">$70,280 <\/td><td class=\"column-3\">$56,830 <\/td><td class=\"column-4\">-19.1%<\/td><td class=\"column-5\">40.4%<\/td><td class=\"column-6\">$1,757 <\/td><td class=\"column-7\">-5.0%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">$63,480 <\/td><td class=\"column-3\">$53,774 <\/td><td class=\"column-4\">-15.3%<\/td><td class=\"column-5\">41.9%<\/td><td class=\"column-6\">$1,587 <\/td><td class=\"column-7\">10.3%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">$82,680 <\/td><td class=\"column-3\">$85,336 <\/td><td class=\"column-4\">3.2%<\/td><td class=\"column-5\">52.0%<\/td><td class=\"column-6\">$2,067 <\/td><td class=\"column-7\">11.1%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>$66,120 <\/strong><\/td><td class=\"column-3\"><strong>$54,712 <\/strong><\/td><td class=\"column-4\"><strong>-17.3%<\/strong><\/td><td class=\"column-5\"><strong>39.0%<\/strong><\/td><td class=\"column-6\"><strong>$1,653 <\/strong><\/td><td class=\"column-7\"><strong>0.8%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-407 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>Just 39% of renters make enough to afford the median-priced apartment.\u00a0 The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high.\u00a0 The typical renter earns enough to afford the median-priced apartment in just five metros [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8,563],"tags":[20,623,88],"coauthors":[125,115],"class_list":["post-78121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","category-rental-market","tag-housing-affordability","tag-national","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Typical Renter Earns $11,000 Less Than They Need to Afford an Apartment<\/title>\n<meta name=\"description\" content=\"The typical U.S. renter earns enough to afford the median-priced apartment in just five metros Redfin analyzed.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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