U.S. Census Bureau or housing affordability studies

U.S. Average Rent Hits $627, NYC Rents Grow 7x Faster Than Wages

May 7, 2024, 08:11 PM

Rental costs in the U.S. have surged significantly, with the national average weekly rent now at $627, marking a record high. This increase has pushed renters to the outskirts of capital cities across all states. In New York City, rents have grown seven times faster than wages last year, exacerbating the affordability crisis. Overall, U.S. rents have increased by 30.4% since 2019, outpacing the wage growth of 20.2%. Despite these trends, it is still possible to find accommodations in New York City for under $1,000. According to Zillow, rents in most major U.S. metropolitan areas have risen approximately 1.5 times faster than wages over the last four years. However, rental prices are dropping in some metro areas. Additionally, significant income is required to rent apartments in cities like New York City and Boston.