Your Annual Salary Must Be Six Figures In Order To Comfortably Live In These 'Rent Burdened' Cities
Rent has increasingly become a heavy burden for a majority of United States residents that lease a property, and in a housing market that is discouraging for those looking to buy, tensions are being felt throughout the country. iProperty Management has calculated an 8.85% increase in rent per year since 1980, which is noted to be significantly outpacing wage inflation. From 2021 to 2022, rent prices rose by 18%, setting the nationwide average rent costs to $1,388. If you live in one of the 50 largest metropolitan areas, that median rent sits higher at $1,879.
The housing crisis directly impacts people's ability to afford food, clothing, medical care, transportation, and more. The U.S. Department of Housing and Development explains that a household is considered rent burdened if they put at least 30% of their earnings towards rent. For anyone considering a move anytime soon, it's important to note which metro areas in the United States are the most rent-burdened.
The top 10 most rent-burdened cities
Moody's Analytics released new data showing that the United States is rent-burdened nationwide for the first time, but 10 metro areas take the cake in exorbitant rent prices. New York City is ranked number one with a 68.5% rent-to-income ratio. On average, a household in a New York City apartment would need to earn at least $177,000 to be considered living comfortably. The following top nine cities in order include Miami (41.6%), Fort Lauderdale (36.7%), Los Angeles (35.6%), Palm Beach (33.6%), Northern New Jersey (33.3%), Boston (32.9%), Tampa (29.8%), San Francisco (29.8%), and Orlando (29.7%).
With 35% of the U.S. population, over 44 million people, leasing rental properties and seeing 900,000 evictions annually before the 2020 public health crisis, the Biden Administration has released a proposed solution to help mitigate the issues seen in the current housing market (via The White House). In a Blueprint for a Renter's Bill of Rights, new protections are being advocated for tenants across the U.S., including transparent and fair leases, the right to organize, and eviction prevention and relief.