Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago
Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago
“Since pre-pandemic, the income needed to afford rent has increased by 31.5%,” Zillow’s chief economist, Skylar Olsen, wrote yesterday.
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Headline: "5 years ago renters needed to make less than $60,000 a year to afford the typical rent; now they need to make almost $80,000"
5 years ago renters needed to make less than $60k, they made $69k. Now they need to make "almost $80k", they make $77k. When you put numbers to it, it seems less stark.
Median household income in 2024 is $77,400.
Median household income in 2019 was $68,700.
That's still pretty stark, but I get the point.
Median individual income is $47,684 in 2019
https://www.bls.gov/cps/aa2019/cpsaat39.htm
Median individual income is $58,084 in 2023 a little hard to find
https://www.bls.gov/cps/cpsaat39.htm
Median individual income extrapolated from first quarter data of 2024 is $59,228
https://www.bls.gov/news.release/pdf/wkyeng.pdf
Rent units median in January 2024 is>
Overall $1,712
Studio $1,434
1-bed $1,591
2-bed $1,892
https://www.realtor.com/research/january-2024-rent/
2019 Total:$1,097
No bedroom:$934
1 bedroom: $953
2 bedrooms: $1,086
3 bedrooms: $1,217
4 bedrooms: $1,519
5 or more bedrooms $1,586
https://data.census.gov/table?q=B25031: Median Gross Rent by Bedrooms&y=2019