flexiblefullpage - default
Currently Reading

The Typical U.S. Monthly Rent Now Equates to 63 Hours of Work for Budget-Strained Tenants

Advertisement
billboard - default
Affordability

The Typical U.S. Monthly Rent Now Equates to 63 Hours of Work for Budget-Strained Tenants

At the average wage, Americans must log 62.6 hours of work to afford the typical U.S. monthly rent, six more hours than before the pandemic 


November 22, 2022
Person sitting at kitchen table using calculator surrounded by utility bills
Image: Stock.adobe.com

Over the past five years, U.S. rents have risen by 36.9%, while the average wage is up only 23%, and at that rate, the average tenant needs to work 62.6 hours to afford the typical U.S. monthly rent of $2,040, Zillow reports. National rent growth fell from a record 17.2% annual growth in February to 9.6% year-over-year growth in October, but the total amount of work required to pay rent is three hours higher than the work schedule needed to pay rent a year ago, and six hours more than in October 2019.

A small 0.1% monthly decrease in the typical U.S. rent marks the end of a two-year streak of non-stop price growth, but renters are still burdened by inflated costs in metros like Miami, Tampa, and Phoenix.

Renters in Miami face the greatest affordability hurdles, needing to work 96 hours at the average wage to pay the typical rent. That is over 24 hours more than Miami renters would have needed to work to pay rent five years ago, the biggest gap of the 50 largest U.S. metro areas. 

Other Sun Belt markets, the hottest housing region during the pandemic, have seen similarly large jumps in hours of work needed to pay rent. An average worker in Tampa would need to work an additional 20 hours to pay rent compared to five years ago. Phoenix rents are up 66.7% since 2017, the most in the country among the 50 largest U.S. metros, and renters need to work 17 hours more to pay rent. 

Read more

Related Stories

Affordability

Over 19 Million Renter Households Considered ‘Cost Burdened'

Over 19 million renters across the U.S. are burdened by rising housing costs and rampant inflation sending prices for consumer goods to new highs

Market Data + Trends

Measures of Rent Growth, Core Inflation Are Easing in the Final Month of 2022

After posting strong gains in a red-hot mid-pandemic market, rent growth appears to be cooling at the close of 2022, and measures of inflation could follow closely behind

Market Data + Trends

Seasonality May Not Be Entirely to Blame for a Rental Slowdown at the End of 2022

The rental market is slowing, and the most recent declines outpace seasonal trends recorded in years past

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.