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Rents are rising faster than wages across the country, especially in these cities
Wages for the typical U.S. worker have surged since the pandemic, but for many Americans those gains are being gobbled up by rising rent. Rents jumped 30.4% nationwide between 2019 and 2023, while wages during that same period rose 20.2%, according to a recent analysis from online real estate brokers Zillow and StreetEasy. The gap between wage growth and rent increases was widest in large cities, including Atlanta; Charlotte, North Carolina; and Miami, Phoenix and Tampa. Other cities where renters are feeling the pinch include Baltimore, Cincinnati, Las Vegas, New York and San Diego. Rent soared during the pandemic as demand rose due to Americans fleeing major urban centers and opting for more space away from neighbors in the suburbs and rural areas. Rent is still increasing, housing experts say, although now at a slower pace. Some metros including Austin, Texas, and Portland, Oregon, have seen rent decreases in the past year, according to the analysis, a stark contrast to more populated cities like New York, which "is heading in the opposite direction," said StreetEasy Senior Economist Kenny Lee. "New multifamily buildings coming online have eased competitive pressure in many markets, but in New York City construction just simply can't keep up with demand," Lee said in a statement.
Read More at: https://www.cbsnews.com/news/rent-cost-us-2024-housing-national/
Image from: https://www.jchs.harvard.edu/blog/rents-have-soared-across-country-home-prices-grew-even-faster