Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago
Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago
“Since pre-pandemic, the income needed to afford rent has increased by 31.5%,” Zillow’s chief economist, Skylar Olsen, wrote yesterday.
This looks like it means rent increased smoothly by $300 a month each year, bad enough, but what happened here was that it doubled in one year for many people. Went up by thousands, all at once.
The average rent increase was my entire yearly take-home.
I keep reading articles like this. Between rent being too expensive, home prices going through the roof, food prices outpacing wage growth, car and home insurance going up just because it can, utilities getting more expensive, my question is when does it just become too much. The whole thing just screams corporate greed and I’m getting sick of it. I make 60% more than I did 20 years ago and I feel like I’m barely scraping by.
Headline: "5 years ago renters needed to make less than $60,000 a year to afford the typical rent; now they need to make almost $80,000"
5 years ago renters needed to make less than $60k, they made $69k. Now they need to make "almost $80k", they make $77k. When you put numbers to it, it seems less stark.
Median household income in 2024 is $77,400.
Median household income in 2019 was $68,700.
Record profits though.
I mean... I'm up in Canada but in one of the highest cost of living cities in the country which isn't as bad as San Francisco or NYC but it's bad...
20k is 1666 a month extra.
The only thing thats gone up $1666 a month more would be a larger house.
Fancy 1 bedrooms are up to 2000-2500 and they were never $334 to 734 even 15 years ago.
Something is wrong with that headline or their math
We need both, Rent Control and more housing. Land-lording has also been invaded by capitalists looking to squeeze humans for every cent and govt needs to stem that tide too. Rent has been soaring in the biggest capitalist zones, US and EU/CA.
Cap rent rises in England and Wales, Labour-commissioned report says
Median individual income is $47,684 in 2019
https://www.bls.gov/cps/aa2019/cpsaat39.htm
Median individual income is $58,084 in 2023 a little hard to find
https://www.bls.gov/cps/cpsaat39.htm
Median individual income extrapolated from first quarter data of 2024 is $59,228
https://www.bls.gov/news.release/pdf/wkyeng.pdf
Rent units median in January 2024 is>
Overall $1,712
Studio $1,434
1-bed $1,591
2-bed $1,892
https://www.realtor.com/research/january-2024-rent/
2019 Total:$1,097
No bedroom:$934
1 bedroom: $953
2 bedrooms: $1,086
3 bedrooms: $1,217
4 bedrooms: $1,519
5 or more bedrooms $1,586
https://data.census.gov/table?q=B25031: Median Gross Rent by Bedrooms&y=2019
This seems dubious, considering average rent in the US is $18k