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)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。