According to the Zillow Group Consumer Housing Trends Report 2017, 79 percent of renters who moved in the last 12 months experienced an increase in their monthly rent before moving to a new place.
Then there’s notoriously expensive New York, where — along with San Francisco and Los Angeles markets — the median low-income wage will not even cover a low-end apartment.
In New York alone, to afford apartments with median bottom-tier rents, renters need to shill out 111.8 percent of the median low-income wage.
Millions struggle to afford stable housing According to the Zillow Group Report on Consumer Housing Trends 2017, today’s median household income for renters is $37,500, which equates to about $18 per hour — or 2.5 times the federal minimum wage of $7.25.
It’s no wonder many Americans are struggling financially — particularly in New York, Los Angeles, Washington D.C., and Seattle, where there’s also a stronger relationship between rising rents and an increase in the homeless population.
The metro has the largest population of homeless people in the nation.
Given the same rent hike, an additional 1,993 people would fall into homelessness.
The geography of social mobility Right now in L.A., renters dish out $2,707 per month for the median rent, which is almost twice the national median rent and amounts to nearly half of the median household income in the metro.
Currently, renters in nine of the same top 20 metros can expect to spend 30 percent or more of their income on rent.
The biggest share spent on rent comes from Los Angeles, where renters pay nearly half (49 percent) of their income on rent.