{"id":82220,"date":"2025-09-16T12:52:15","date_gmt":"2025-09-16T19:52:15","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82220"},"modified":"2025-09-16T13:23:01","modified_gmt":"2025-09-16T20:23:01","slug":"wage-growth-outpaces-housing-cost-growth","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/wage-growth-outpaces-housing-cost-growth\/","title":{"rendered":"Wages Are Growing Faster Than Rents and Mortgage Payments"},"content":{"rendered":"<p><strong><i>Wages are up 4.1% year over year, while asking rents are up 2.6% and mortgage-payment growth has slowed to roughly 0% amid declining mortgage rates and a slowdown in home prices.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Wages are up 4.1% year over year, outpacing gains in asking rents and mortgage payments, which are up a respective 2.6% and 0.2%. That&#8217;s a reversal from the pandemic moving frenzy, when growth in housing costs\u2014particularly mortgage payments\u2014far outpaced growth in wages.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-AX3FX\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Wages Are Growing Faster Than Housing Costs\" src=\"https:\/\/datawrapper.dwcdn.net\/AX3FX\/8\/\" height=\"522\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Please note that asking rent\u00a0 data and wage data cover rolling three-month periods, the most recent of which is the three months ending August 2025. Mortgage payment data cover monthly periods, the most recent of which is July 2025.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wages have been rising faster than mortgage payments since February 2025, and have been rising faster than rents since September 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s encouraging that wages are growing faster than housing costs because it gives homebuyers and renters a bit more breathing room,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">, Redfin\u2019s head of economic research. \u201cBut today\u2019s relief doesn\u2019t erase yesterday\u2019s struggles. Years of rapid home price growth during and after the pandemic pushed homeownership out of reach for many American families, and we\u2019re still working to <\/span><a href=\"https:\/\/www.redfin.com\/news\/return-to-normal-housing-2025\/\"><span style=\"font-weight: 400;\">close the gap<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<p><b>The latest with homebuying costs: <\/b><span style=\"font-weight: 400;\">Mortgage rates have been steadily declining since May, and yesterday <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">fell<\/span><\/a><span style=\"font-weight: 400;\"> to 6.25%\u2014the lowest level in roughly a year. The drop in rates has helped homebuyers gain <\/span><a href=\"https:\/\/www.redfin.com\/news\/purchasing-power-improves-rates-drop\/\"><span style=\"font-weight: 400;\">thousands of dollars<\/span><\/a><span style=\"font-weight: 400;\"> in purchasing power. The median monthly mortgage payment was $3,192 as of July, down from $3,239 just a month earlier.\u00a0 Still, mortgage rates are more than double the record low hit during the pandemic, and home prices continue to climb\u2014albeit at a fraction of their pandemic pace.\u00a0<\/span><\/p>\n<p><b>The latest with rental costs: <\/b><span style=\"font-weight: 400;\">Asking rents are picking back up after roughly two years of declines. The median asking rent rose 2.6% year over year in August to $1,790\u2014the largest increase since December 2022. Rents are rising because demand is strong\u2014in part due to high homebuying costs\u2014and supply is cooling. Supply is cooling because apartment construction dramatically slowed over the past year.<\/span><span style=\"font-weight: 400;\">\u00a0 While rents continue to grow at a slower pace than wages, the gap appears to be narrowing.<\/span><\/p>\n<h2><b>Methodology<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><br \/>\nMortgage payment data incorporates the median home sale price and average 30-year fixed mortgage rate, and assumes a 15% down payment, a fixed insurance estimate of 0.5% of the median sale price, a private mortgage insurance estimate of 0.3% of the median sale price, and a 1.25% property-tax rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage payment data is based on an analysis of MLS data and <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US#\"><span style=\"font-weight: 400;\">mortgage rates<\/span><\/a><span style=\"font-weight: 400;\"> from Freddie Mac. Wage data come from the Federal Reserve Bank of Atlanta via <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/FRBATLWGT3MMAUMHWGO\"><span style=\"font-weight: 400;\">Fred<\/span><\/a><span style=\"font-weight: 400;\">. Asking-rent data come from rental listings on <\/span><a href=\"http:\/\/redfin.com\"><span style=\"font-weight: 400;\">Redfin.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wages are up 4.1% year over year, while asking rents are up 2.6% and mortgage-payment growth has slowed to roughly 0% amid declining mortgage rates and a slowdown in home prices. Wages are up 4.1% year over year, outpacing gains in asking rents and mortgage payments, which are up a respective 2.6% and 0.2%. That&#8217;s [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":81717,"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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Katz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","caption":"Lily Katz"},"description":"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/82220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=82220"}],"version-history":[{"count":3,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/82220\/revisions"}],"predecessor-version":[{"id":82223,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/82220\/revisions\/82223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/81717"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=82220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=82220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=82220"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=82220"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=82220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}