Rental affordability has improved across the country as the earnings needed to afford an average US apartment fell to the lowest level since March 2022 while salaries trended up.
Renters need to earn a $63,680 salary to afford apartment rent which costs $1,592 per month, according to a Redfin report. That is down 0.4% from a year ago and down 6.4% from August 2022, when the median asking rent hit an all-time high of $1,700 and a renter would have had to earn $68,000 to afford a typical apartment.
Meanwhile, renters earned a median income in 2024 of $54,752, up 5.3% from 2023, when the average was $52,019. In 2019, the figure was $40,505, the Redfin report said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
