Wages aren’t keeping up with rising rents

According to Trulia, rents are rising most in the local housing markets where renters are already stretched thinnest, CNBC reports.

Furthermore, Trulia’s study found that in the five least affordable markets, rents are now 7.8 percent higher than they were a year ago, caused by a strong demand that supply has not kept up with. Because of this, renters in San Francicsco, San Diego, Boston, Baltimore, Washington, D.C., and Chicago pay more than 30 percent of their monthly income for rent – the suggested limit of income versus rent share. So why aren’t more renters buying?

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