Rent Is Outpacing Wages in Many Major Cities
August 17, 2023 2:38PM EDT
NEW YORK, NY – JUNE 24: A sign advertises an apartment for rent along a row of brownstone townhouses in the Fort Greene neighborhood on June 24, 2016 in the Brooklyn borough of New York City. According to a survey released on Thursday by real-estate firm RealtyTrac, Brooklyn ranked as the most unaffordable place to live in the United States. (Photo by Drew Angerer/Getty Images)
Home-buying is not the only thing burdening dwellers these days.
According to new data from Moody’s Analytics, the current rent-to-income ratio in the U.S. is still pretty wide.
The ratio covers the gap between what residents earn monthly and the amount spent on rent.
With the rent-to-income ratio at 30.2 percent, this means people are spending about 30 percent of their income on rent.
According to data from Moody’s Analytics, the cities experiencing the most rent burden are New York, Miami, Fort Lauderdale, Los Angeles, Palm Beach, Northern New Jersey, Boston, Ithaca, New York, and Flagstaff, Arizona.
How much of your monthly income do you spend on rent? What are the pros and cons of renting as opposed to owning a home?
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