US Rents Climbed 1.5 Times Faster Than Wages in Last Four Years
- Florida has some of the most dramatic differences, Zillow says
- Housing costs outpaced salaries in 44 of top 50 metro areas
Residential apartment buildings in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
Nationwide, rents climbed 30.4% while incomes expanded 20.2% from 2019 to 2023, data from Zillow, StreetEasy and the Bureau of Labor Statistics show. Florida, a migration hot spot, had some of the most dramatic differences — Tampa and Jacksonville have seen rents surge more than three times quicker than wages.