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Homebuyers Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap Is Widening
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up from 73% more last year. The gap is widening because home prices are rising faster than rents. The gap is widening most in Salt Lake City and Austin, and shrinking
America’s Renter Population Grew 1% in the Fourth Quarter
New York and Los Angeles are the only metro areas where the majority of households rent. Renting is least common in Cape Coral, FL and Dayton, OH. Roughly three-quarters of major metros have seen an increase in wealthy renters since 2019, another recent Redfin analysis found. The number of renter households in America increased 0.8%
The Rise of the Rich Renter
Affluent renters have become more common in 35 of the 50 most populous U.S. metros since 2019, with Raleigh and Orlando seeing the biggest upticks. Homebuying costs skyrocketed in the Sun Belt during the pandemic—one reason some wealthy Americans are opting to rent and invest their money in places other than real estate. But the
New Apartments Are Filling Up at Nearly the Slowest Pace on Record, But That May Change as Builders Pull Back
Just 47% of newly-built apartments completed in Q3 were rented within three months as a record number of new apartments hit the market. But construction permits have started to decline, signaling that the number of new rentals will eventually start to fall, which could cause rents to tick up. Less than half (47%) of newly
U.S. Asking Rents Rose 0.4% in February—A Small Increase, But the First in 6 Months
Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units. The median U.S. asking rent rose 0.4% year over year to $1,607 in February. While that’s a small gain, it’s the first increase in six months and the biggest in
D.C. Rents Up 2.7% in February Following 3 Months of Declines; Too Soon to Tell if Whether Federal Job Cuts Will Affect the Market
The median rent in the District of Columbia rose 2.7% year over year in February, following three months of declines. Rents have been falling most of the past year thanks to an increase in new construction, but permits for new apartment buildings are slowing. It’s too early to assess the impact of federal government layoffs
Homebuyers Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap Is Widening
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up from 73% more last year. The gap is widening because home prices are rising faster than rents. The gap is widening most in Salt Lake City and Austin, and shrinking
America’s Renter Population Grew 1% in the Fourth Quarter
New York and Los Angeles are the only metro areas where the majority of households rent. Renting is least common in Cape Coral, FL and Dayton, OH. Roughly three-quarters of major metros have seen an increase in wealthy renters since 2019, another recent Redfin analysis found. The number of renter households in America increased 0.8%
The Rise of the Rich Renter
Affluent renters have become more common in 35 of the 50 most populous U.S. metros since 2019, with Raleigh and Orlando seeing the biggest upticks. Homebuying costs skyrocketed in the Sun Belt during the pandemic—one reason some wealthy Americans are opting to rent and invest their money in places other than real estate. But the
New Apartments Are Filling Up at Nearly the Slowest Pace on Record, But That May Change as Builders Pull Back
Just 47% of newly-built apartments completed in Q3 were rented within three months as a record number of new apartments hit the market. But construction permits have started to decline, signaling that the number of new rentals will eventually start to fall, which could cause rents to tick up. Less than half (47%) of newly
U.S. Asking Rents Rose 0.4% in February—A Small Increase, But the First in 6 Months
Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units. The median U.S. asking rent rose 0.4% year over year to $1,607 in February. While that’s a small gain, it’s the first increase in six months and the biggest in
D.C. Rents Up 2.7% in February Following 3 Months of Declines; Too Soon to Tell if Whether Federal Job Cuts Will Affect the Market
The median rent in the District of Columbia rose 2.7% year over year in February, following three months of declines. Rents have been falling most of the past year thanks to an increase in new construction, but permits for new apartment buildings are slowing. It’s too early to assess the impact of federal government layoffs