Nearly all of the 50 biggest metro areas in the US have become less affordable for renters and prospective first-time homebuyers over the last two decades, with the percentage of income devoted to rental payments rising sharply in most regions. 

A new report from the Mortgage Bankers Association's Research Institute for Housing America shows that annual median rent growth rose at 2% above inflation, whereas annual median income rose 0.8%, leading to a typical household spending 7.6% more of its income to rent a median-priced housing unit in 2020 versus 2021.

The population-weighted median rent of a two-bedroom unit across the 50 largest metros is forecast to be $1,629 per month this year, according to the study, marking a 4.3% increase over 2020 and the seventh consecutive year in which rents are projected to rise faster than inflation. Perhaps unsurprisingly, the highest rents were found in the cities with the highest median household incomes, with annual median rents $324 higher for every $1,000 increase in median income. And in Seattle, for example, rents appreciated an eye-popping 376% faster than median incomes between 2001 and 2020.