A recent report from Moody’s Analytics shows that the typical American renter is rent burdened, meaning they spend 30% or more of their income on rent, and that affordability crisis is even worse for single renters. Luckily, studio rent is still affordable in metros such as Albuquerque, N.M., where the median studio rent was just $700 in November 2022, equaling 15% of local singles’ income, The New York Times reports.
By contrast, New York City was the least affordable metro for studio rent at the close of 2022, with a median monthly rental cost of $3,016, accounting for 44% of the average local single income.
Increases were harder to handle in already expensive areas like New York, where studio rent climbed about 23 percent year over year, from $2,450 to $3,016. But even in Columbus, Ohio, the fifth least expensive city, studio rent jumped by nearly 35 percent, from $625 to $849. Renters in only two of the 50 largest U.S. cities — Fresno, Calif., and Fort Worth — saw the median studio rent fall.
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