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Median Income to Rent an Apartment Drops to Lowest Level Since 2022

A recent boom in construction is the driving force behind improving affordability.

By Kristen Smithberg | January 24, 2025 at 07:03 AM

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.

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