0953 ET - Renters now need $63,680 to afford the median U.S. apartment rent of $1,592, the lowest since March 2022, says Redfin. This is down 0.4% from a year ago and 6.4% from August 2022's peak of $1,700, when $68,000 was necessary. Meanwhile, median renter income rose to $54,752 in 2024, up 5.3% from 2023 and 35.2% from before 2019, yet it's still $8,928 short of the required rent affordability income. The gap between income and affordability has narrowed, with December showing the smallest disparity in five years. As home prices and mortgage rates increase, the affordability gap between renting and buying is expected to widen, potentially pushing more young people to rent longer. In December, renters in 15 of 44 major metros could afford median rents, up from seven metros a year earlier. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 09:53 ET (14:53 GMT)
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