Rent is now unaffordable for many Americans. A recent Redfin analysis found that just 39% of renters make enough to afford the median-priced apartment.
This affordability crisis is particularly dire in major cities. The analysis found that of the 50 most populous metros, rent is only affordable for median-income earners — meaning the median rent costs 30% of their income or less — in five cities.
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Here’s a look at the only major cities where the typical renter can actually afford their rent payments.
Austin, Texas
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Median asking rent: $1,559
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Income required to afford median-priced apartment: $62,360
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Estimated median renter household income: $72,808
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Houston
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Median asking rent: $1,275
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Income required to afford median-priced apartment: $51,000
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Estimated median renter household income: $56,177
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Phoenix
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Median asking rent: $1,541
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Income required to afford median-priced apartment: $61,640
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Estimated median renter household income: $67,302
Washington
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Median asking rent: $2,067
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Income required to afford median-priced apartment: $82,680
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Estimated median renter household income: $85,336
Dallas
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Median asking rent: $1,529
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Income required to afford median-priced apartment: $61,160
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Estimated median renter household income: $61,740
Data is sourced from Redfin and is accurate as of May 2024.
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This article originally appeared on GOBankingRates.com: These Are the Only 5 Major Cities Where Rent Is Actually Affordable Right Now
