Affordability issues rise as rent reaches 35% of Phoenix incomes
By: AZ Big Media
New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rent in February on average, according to the Realtor.com® Monthly Rental Report released today. And rent affordability is even more dire in Phoenix, where the average person spends 34.7% of their income on rent. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif.
In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002.