Seattle, LA And Boston Renters Must Make $1,000 More Next Year To Keep Pace With Rent Growth
Rent growth has accelerated to such a degree that research shows renters in Seattle, Los Angeles and Boston will have to make $1K more in wages next year to have the same amount of money left over after paying rent as they do now.
New Zillow analysis said these three metros need the largest income jumps to stay steady with rising rents out of anywhere in the U.S., MultifamilyBiz reports. On the national level, annual incomes only need to rise $168 this year to keep pace with rent, but experts said many renters have fallen behind after five years of steadily growing rents.
Millennials dominate that category. High rents have forced more of Generation Y to live with their parents than any other generation in the last 130 years, with more than 34% of Millennials still living in their childhood homes. There are many markets where rent exceeds 40% of the typical household income, far above the 30% threshold the government uses to define cost-burdened renters.
