Renters must earn around $80,000 to comfortably afford average rent in America

UNDATED (WKRC) - According to Zillow, renters must earn around $80,000 to comfortably afford the typical rent in the United States.

Zillow reported that since 2019, rent in America has grown 1.5 times faster than wages. According to data provided by Zillow, the typical rent was $1,505 in November of 2019. That number increased to $1,997 in April 2024.

To comfortably afford rent today, meaning to spend no more than 30% of their income, renters would need to make $79,889. Renters would need to make less than $60,000 to comfortable afford the typical rental back in 2019.

Since the start of the pandemic, rents have surged by 31.4%, according to Zillow. Business Insider reported that income has grown by 23% by comparison.

Rent numbers have increased in 49 of the 50 largest metro areas in the country, according to Zillow, which noted that Oklahoma City was the only large metro area that saw rents fall, on a monthly basis, by 0.1%.

Per Business Insider, citing a Coldwell Banker Richard Ellis note from March, renting is still expected to be more affordable than buying a house for the foreseeable future, despite the rising cost.

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