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Renters Need to Earn $63,680 to Afford the Typical U.S. Apartment—The Lowest Amount in 3 Years

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Redfin reports that renters now need to earn $63,680 to afford the median asking rent for a U.S. apartment, the lowest amount since March 2022. This represents a 0.4% decrease from last year and a 6.4% drop from August 2022, when the median asking rent was at an all-time high of $1,700.

Renters are earning more, with the median income for 2024 estimated at $54,752, up 5.3% from 2023 and 35.2% from 2019. The gap between renters' earnings and the income needed for rent affordability is narrowing, with the smallest difference in five years.

Austin, TX, is the most affordable metro for renters, with a median salary 25.1% higher than needed to afford the typical apartment. Providence, RI, is the least affordable, with renters earning 41.3% less than required. Rental affordability improved the most in Austin in 2024, where the required income to afford the typical apartment fell by 16.3% from the previous year.

Conversely, rental affordability worsened the most in Providence, RI, with a 12.6% increase in the income needed to afford the median rent. Other metros with significant year-over-year affordability declines include Virginia Beach, VA, Louisville, KY, and Baltimore, MD.

Redfin riporta che gli affittuari ora devono guadagnare $63,680 per permettersi l'affitto medio richiesto per un appartamento negli Stati Uniti, il valore più basso da marzo 2022. Questo rappresenta una diminuzione dello 0,4% rispetto all'anno scorso e una riduzione del 6,4% rispetto ad agosto 2022, quando l'affitto medio richiesto era ai massimi storici di $1,700.

Gli affittuari guadagnano di più, con il reddito mediano per il 2024 stimato in $54,752, in aumento del 5,3% rispetto al 2023 e del 35,2% rispetto al 2019. Il divario tra i guadagni degli affittuari e il reddito necessario per permettersi l'affitto si sta restringendo, con la differenza più piccola in cinque anni.

Austin, TX, è la metropoli più conveniente per gli affittuari, con uno stipendio mediano superiore del 25,1% rispetto a quanto necessario per affittare un appartamento tipico. Providence, RI, è la meno conveniente, con gli affittuari che guadagnano il 41,3% in meno rispetto a quanto richiesto. L'accessibilità degli affitti è migliorata di più ad Austin nel 2024, dove il reddito richiesto per affittare un appartamento tipico è sceso del 16,3% rispetto all'anno precedente.

Al contrario, l'accessibilità degli affitti è peggiorata di più a Providence, RI, con un aumento del 12,6% del reddito necessario per coprire l'affitto medio. Altre metropoli con significative diminuzioni dell'accessibilità anno su anno includono Virginia Beach, VA, Louisville, KY, e Baltimore, MD.

Redfin informa que ahora los inquilinos necesitan ganar $63,680 para poder pagar el alquiler medio de un apartamento en EE. UU., la cantidad más baja desde marzo de 2022. Esto representa una disminución del 0.4% con respecto al año pasado y una caída del 6.4% desde agosto de 2022, cuando el alquiler medio era de $1,700, el más alto de la historia.

Los inquilinos están ganando más, con un ingreso medio estimado para 2024 de $54,752, un aumento del 5.3% respecto a 2023 y del 35.2% desde 2019. La brecha entre las ganancias de los inquilinos y el ingreso necesario para la asequibilidad de la renta se está reduciendo, alcanzando la diferencia más pequeña en cinco años.

Austin, TX, es la metrópoli más asequible para los inquilinos, con un salario medio un 25.1% superior al necesario para pagar el típico apartamento. Providence, RI, es la menos asequible, con inquilinos ganando un 41.3% menos de lo requerido. La asequibilidad del alquiler mejoró más en Austin en 2024, donde el ingreso requerido para alquilar el apartamento típico cayó un 16.3% respecto al año anterior.

Por el contrario, la asequibilidad del alquiler empeoró más en Providence, RI, con un aumento del 12.6% en el ingreso necesario para pagar el alquiler medio. Otras ciudades con significativas caídas en la asequibilidad año con año incluyen Virginia Beach, VA, Louisville, KY, y Baltimore, MD.

Redfin은 이제 세입자들이 미국 아파트의 중간 임대료를 감당하기 위해 $63,680를 벌어야 하며, 이는 2022년 3월 이후 가장 낮은 금액이라고 보고했습니다. 이는 지난해보다 0.4% 감소한 수치이며, 2022년 8월에는 중간 임대료가 사상 최고인 $1,700에 달했을 때보다 6.4% 하락한 것입니다.

세입자들의 소득이 증가하고 있으며, 2024년의 중간 소득은 $54,752로 추정되며, 이는 2023년 대비 5.3% 증가하고 2019년 대비 35.2% 증가한 수치입니다. 세입자들의 소득과 임대료 지급 가능성에 필요한 소득 간의 격차가 줄어들고 있으며, 이는 5년 만에 가장 작은 차이입니다.

텍사스주 오스틴은 세입자들에게 가장 저렴한 대도시로, 평균 임대료를 감당하기 위해 필요한 소득보다 25.1% 더 높은 중간 급여를 보이고 있습니다. 로드아일랜드주 프로비던스는 세입자들이 필요한 소득보다 41.3% 적게 벌고 있어 가장 비쌉니다. 2024년 오스틴에서 일반 아파트를 감당하기 위한 소득이 전년 대비 16.3% 하락하면서 임대료 접근성이 가장 개선되었습니다.

반면, 로드아일랜드주 프로비던스에서 임대료 접근성이 가장 악화되어 중간 임대료를 감당하기 위해 필요한 소득이 12.6% 증가했습니다. 연간 임대료 접근성이 상당히 감소한 다른 대도시로는 버지니아비치, VA, 루이빌, KY, 및 볼티모어, MD가 있습니다.

Redfin rapporte que les locataires doivent désormais gagner $63,680 pour se permettre la moyenne des loyers demandés pour un appartement aux États-Unis, le montant le plus bas depuis mars 2022. Cela représente une diminution de 0,4% par rapport à l'année dernière et une chute de 6,4% par rapport à août 2022, lorsque le loyer moyen demandé était au plus haut de $1,700.

Les locataires gagnent davantage, avec un revenu médian estimé à $54,752 pour 2024, en hausse de 5,3% par rapport à 2023 et de 35,2% par rapport à 2019. L'écart entre les revenus des locataires et le revenu nécessaire pour une location abordable se réduit, atteignant la plus petite différence en cinq ans.

Austin, TX, est la métropole la plus abordable pour les locataires, avec un salaire médian supérieur de 25,1% à celui nécessaire pour se permettre un appartement typique. Providence, RI, est la moins abordable, avec des locataires gagnant 41,3% de moins que ce qui est requis. L'accessibilité des loyers s'est le plus améliorée à Austin en 2024, où le revenu requis pour se permettre un appartement typique a chuté de 16,3% par rapport à l'année précédente.

À l'inverse, l'accessibilité des loyers s'est le plus dégradée à Providence, RI, avec une augmentation de 12,6% du revenu nécessaire pour couvrir le loyer médian. D'autres métropoles ayant connu des baisses significatives de l'accessibilité d'une année sur l'autre incluent Virginia Beach, VA, Louisville, KY et Baltimore, MD.

Redfin berichtet, dass Mieter jetzt $63,680 verdienen müssen, um die durchschnittliche Angebotsmiete für eine Wohnung in den USA zu leisten, der niedrigste Betrag seit März 2022. Dies stellt einen Rückgang von 0,4% im Vergleich zum Vorjahr und einen Rückgang von 6,4% seit August 2022 dar, als die durchschnittliche Angebotsmiete mit $1,700 einen Allzeithoch erreicht hatte.

Mieter verdienen mehr, wobei das mittlere Einkommen für 2024 auf $54,752 geschätzt wird, was einem Anstieg von 5,3% gegenüber 2023 und von 35,2% seit 2019 entspricht. Die Kluft zwischen dem Einkommen der Mieter und dem benötigten Einkommen für die Mietbarkeit wird geringer, was den kleinsten Unterschied in fünf Jahren darstellt.

Austin, TX, ist die erschwinglichste Metropolregion für Mieter, mit einem mittleren Gehalt, das 25,1% höher ist als das, was benötigt wird, um die typische Wohnung zu leisten. Providence, RI, ist die am wenigsten erschwingliche Stadt, wo Mieter 41,3% weniger verdienen als erforderlich. Die Mietbarkeit hat sich in Austin im Jahr 2024 am stärksten verbessert, wo das erforderliche Einkommen, um die typische Wohnung zu leisten, im Vergleich zum Vorjahr um 16,3% gesunken ist.

Im Gegensatz dazu hat sich die Mietbarkeit in Providence, RI, am stärksten verschlechtert, wo das Einkommen, das benötigt wird, um die durchschnittliche Miete zu bezahlen, um 12,6% gestiegen ist. Weitere Metropolen mit signifikanten jährlichen Rückgängen bei der Mietbarkeit sind Virginia Beach, VA, Louisville, KY und Baltimore, MD.

Positive
  • Median asking rent for a U.S. apartment decreased by 6.4% from August 2022.
  • Median renter income for 2024 increased by 5.3% from 2023.
  • Austin, TX, saw a 16.3% improvement in rental affordability in 2024.
Negative
  • Providence, RI, experienced a 12.6% increase in the income required to afford the median rent.
  • Rental affordability worsened in Virginia Beach, VA (+10.8%), Louisville, KY (+10%), and Baltimore, MD (+10%).

Insights

The latest Redfin rental market analysis reveals a significant shift in the U.S. housing landscape, with implications for both real estate market dynamics and investment opportunities. The required income for median rent has decreased to $63,680, marking a 6.4% drop from the August 2022 peak, while median renter income has risen by 5.3% year-over-year to $54,752.

This trend signals several key market dynamics:

  • Market Normalization: The cooling rental market, particularly in Sun Belt regions, suggests that the post-pandemic rental surge is moderating, potentially impacting revenue for companies like Redfin and other real estate platforms.
  • Regional Divergence: The stark contrast between affordable Texas markets and expensive East Coast metros indicates a potential shift in investment opportunities, with markets like Austin showing improved rental affordability due to increased supply.
  • Construction Impact: The multifamily construction boom is creating downward pressure on rents in certain markets, which could affect both REIT valuations and real estate platform revenues in the short term.

For investors, these trends suggest a potential shift in real estate investment strategies, with opportunities in markets where new supply is and rental affordability gaps remain significant. The continued affordability challenges in coastal markets, despite overall improvement, indicate sustained rental demand in these areas, which could support property values and rental income streams.

The current rental market dynamics reveal a complex interplay between supply, demand and regional economic factors that are reshaping the U.S. housing landscape. Key economic indicators show:

  • Regional Economic Divergence: Texas metros demonstrate superior rental affordability, with Austin renters earning 25.1% more than required for median rent, while Providence shows a 41.3% deficit, highlighting the impact of local economic conditions and housing policies.
  • Supply-Side Economics: The success of Sun Belt markets in improving affordability through aggressive multifamily construction provides a clear blueprint for addressing housing affordability challenges.
  • Wage Growth Impact: The 35.2% increase in median renter income since 2019 represents a significant shift in the rental market's fundamentals, though geographic disparities persist.

These trends indicate a potential long-term restructuring of the U.S. rental market, with implications for property values, investment flows and urban development patterns. The widening affordability gap between renting and buying suggests continued strength in rental demand, particularly in markets with new supply.

Redfin reports Texas has the most affordable metros for renters while the East Coast has the least affordable

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Renters need to earn $63,680 to afford the median asking rent for a U.S. apartment ($1,592), the lowest amount needed since March 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down 0.4% from a year ago and a drop of 6.4% from August 2022 when the median asking rent hit an all-time high of $1,700. Back then, a renter would have had to earn $68,000 to afford the typical apartment—nearly $5,000 more than today.

Rental affordability improves as renters earn more than ever

On the other side of the affordability equation, renters are earning more than ever. The estimated median income for a renter in 2024 was $54,752, up 5.3% from 2023 ($52,019) and 35.2% from before the pandemic in 2019 ($40,505).

That’s still 14% less—or $8,928 a year in dollar terms—than the $63,680 income needed to afford the median monthly rent for an apartment.

But the gap between how much renters earn and the income they need to keep rent affordable is shrinking, with last month’s difference being the smallest in the five years Redfin has tracked the two metrics.

“Rental affordability will continue improving this year, as wages grow and rents remain flat, thanks to the recent boom in apartment construction,” said Redfin Senior Economist Sheharyar Bokhari. “The affordability gap between renting and buying is likely to widen further in 2025, as home prices rise and mortgage rates remain high. That means potential homebuyers—especially from younger generations—may decide to continue renting for longer, as it’s the only affordable option.”

Austin is the most affordable metro for renters; Providence is the least affordable

Emphasizing improving rental affordability overall, renters in 15 of the 44 major metros analyzed earned more than is needed to afford the median rent in December—compared to just seven metros a year earlier.

Renters in Austin earned a median salary of $69,781. That’s 25.1% (or $14,021 in dollar terms) more than they need to afford the typical apartment—the biggest gap among the major metros. Next came Houston (17.6% more), followed by Dallas (10.3% more), Salt Lake City (8.9% more) and Raleigh, NC (8.4% more).

10 Most Affordable Metros For Renters

Rank

Metro

Median Asking Rent (Dec 2024)

Income Required To Afford Median Asking Rent (Dec 2024)

Estimated Median Renter Income (2024)

% Difference Between Income Required and Estimated Median Renter Income

1

Austin, TX

$1,394

$55,760

$69,781

25.14%

2

Houston, TX

$1,239

$49,560

$58,287

17.61%

3

Dallas, TX

$1,460

$58,400

$64,417

10.30%

4

Salt Lake City, UT

$1,476

$59,040

$64,271

8.86%

5

Raleigh, NC

$1,418

$56,720

$61,463

8.36%

6

Denver, CO

$1,695

$67,800

$72,803

7.38%

7

Phoenix, AZ

$1,476

$59,040

$63,157

6.97%

8

Washington, DC

$2,039

$81,560

$86,644

6.23%

9

Baltimore, MD

$1,600

$64,000

$66,745

4.29%

10

Nashville, TN

$1,495

$59,800

$61,236

2.40%

At the other end of the affordability spectrum, renters in Providence earned a median salary of $50,408—41.3% (or $35,392 in dollar terms) less than what they need to afford the typical apartment. That was the biggest shortfall among the major metros analyzed.

10 Least Affordable Metros For Renters

Rank

Metro

Median Asking Rent (Dec 2024)

Income Required To Afford Median Asking Rent (Dec 2024)

Estimated Median Renter Income (2024)

% Difference Between Income Required and Estimated Median Renter Income

1

Providence, RI

$2,145

$85,800

$50,408

-41.25%

2

Miami, FL

$2,373

$94,920

$57,157

-39.78%

3

New York, NY

$2,805

$112,200

$71,376

-36.39%

4

Los Angeles, CA

$2,780

$111,200

$73,419

-33.98%

5

Boston, MA

$2,660

$106,400

$73,116

-31.28%

6

San Diego, CA

$2,831

$113,240

$78,357

-30.80%

7

Riverside, CA

$2,266

$90,640

$63,162

-30.32%

8

Tampa, FL

$1,735

$69,400

$54,654

-21.25%

9

Philadelphia, PA

$1,865

$74,600

$58,970

-20.95%

10

Buffalo, NY

$1,310

$52,400

$41,905

-20.03%

Next came a number of historically expensive metros where rents are expensive and demand is consistently high, with Miami (39.8% less) followed by New York (36.7% less), Los Angeles (34% less) and Boston (31.3% less) rounding out the five least affordable metros to rent. (Note: data in Redfin’s report is from December, prior to the Los Angeles wildfires. Redfin is tracking reports that rents have started rising across Los Angeles as displaced residents look for new homes.)

Rental affordability improved the most in Austin in 2024

Rental affordability improved the most in 2024 in Austin, where the required income to afford the typical apartment fell to $55,760 in December, down 16.3% ($10,840) from $66,600 a year earlier.

Austin—like many Sun Belt metros—saw some of the highest levels of multifamily housing construction over the past few years, and rents are now starting to fall as supply increases and demand levels off.

Metros Where Rental Affordability Improved The Most In 2024

Rank

Metro

Income Required To Afford Median Asking Rent

(Dec 2024)

Income Required To Afford Median Asking Rent

(Dec 2023)

2023→2024 Difference In Income Required

1

Austin, TX

$55,760

$66,600

-16.28%

2

Tampa, FL

$69,400

$77,520

-10.47%

3

Jacksonville, FL

$58,000

$62,200

-6.75%

4

Nashville, TN

$59,800

$63,800

-6.27%

5

New York, NY

$112,200

$117,560

-4.56%

The next major metros seeing the biggest year-over-year affordability gains were Tampa, FL (-10.5% to $69,400), Jacksonville, FL (-6.8% to $58,000), Nashville, TN (-6.3% to $59,800) and New York (-4.6% to $112,200).

In a number of major metros on the East Coast and in the Midwest, however, renting is less affordable now than it was a year ago—partly due to limited new construction in recent years.

In Providence, RI, renters needed to earn $85,800 to afford the typical apartment in December—up 12.6% ($9,600) from the $76,200 needed in December 2023. That was the biggest year-over-year jump among the 44 major metros Redfin analyzed.

Metros Where Rental Affordability Worsened The Most (2024)

Rank

Metro

Income Required To Afford Median Asking Rent

(Dec 2024)

Income Required To Afford Median Asking Rent

(Dec 2023)

2023→2024 Difference In Income Required

1

Providence, RI

$85,800

$76,200

+12.60%

2

Virginia Beach, VA

$63,080

$56,920

+10.82%

3

Louisville, KY

$49,200

$44,720

+10.02%

4

Baltimore, MD

$64,000

$58,200

+9.97%

5

Buffalo, NY

$52,400

$48,100

+8.94%

Next came Virginia Beach, VA (+10.8% to $63,080), Louisville, KY (+10% to $49,200), Baltimore (+10% to $64,000) and Buffalo, NY (+8.9% to $52,400).

To view the full report, including charts, methodology and additional metro-level insights please visit: https://www.redfin.com/news/rent-affordability-2025

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

Contact Redfin

Redfin Journalist Services:

Kenneth Applewhaite

press@redfin.com

Source: Redfin

FAQ

What is the current median asking rent for a U.S. apartment in 2024?

The current median asking rent for a U.S. apartment in 2024 is $1,592.

How much do renters need to earn to afford the median rent for a U.S. apartment in 2024?

Renters need to earn $63,680 to afford the median rent for a U.S. apartment in 2024.

What was the highest median asking rent for U.S. apartments in recent years?

The highest median asking rent for U.S. apartments was $1,700 in August 2022.

Which metro area is the most affordable for renters in 2024?

Austin, TX, is the most affordable metro for renters in 2024.

Which metro area is the least affordable for renters in 2024?

Providence, RI, is the least affordable metro for renters in 2024.

How much did the median renter income increase from 2023 to 2024?

The median renter income increased by 5.3% from 2023 to 2024.

What factors contributed to the improvement in rental affordability?

The improvement in rental affordability is due to wage growth and flat rents, aided by a boom in apartment construction.

What metro saw the biggest improvement in rental affordability in 2024?

Austin, TX, saw the biggest improvement in rental affordability in 2024, with a 16.3% decrease in the income needed to afford the median rent.

Which metro experienced the largest decline in rental affordability in 2024?

Providence, RI, experienced the largest decline in rental affordability in 2024, with a 12.6% increase in the income required to afford the median rent.

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