US Rental Housing Prices Hit Three Year Low — and Still Out of Reach

The income needed to afford median rent in America is the lowest it’s been since March, 2022, according to Refin News. Renters today need to earn $63,680 in order to afford the $1,592 median monthly rent.

While the current median rental cost represents a 6.4 percent drop from the August 2022 high of $1,700, it still falls short of the standard affordability definition of rent costing no more than 30 percent of a renter’s income. The median US renter’s income is $54,752 — estimated from US Census Bureau data — 14 percent less than the amount needed to achieve affordability.

“The gap between how much renters earn and the income they need to keep rent affordable is shrinking, with last month’s difference being the smallest in the five years Redfin has tracked the two metrics,” write Mark Worley and Sheharyar Bokhari. 

The article also lists the ten most and least affordable metros for renters. Austin, TX ranked most affordable with residents earning a median income 25 percent higher than what is needed to afford rent. It also scored as the metro where affordability improved the most in 2024. Providence, RI ranked least affordable.