From Affordable to Unlivable: Cities Where Rent Is Crushing Incomes
Summary
Rent is now consuming a crippling share of incomes in many U.S. cities, according to a recent analysis. Researchers found that in over 70 metropolitan areas, renters pay more than 28.9% of their median income toward housing—well above recommended levels. Kahului, Hawaii, tops the list, while several coastal and Sun Belt metros, including New York, Los Angeles, and Miami, dominate the rankings of the least affordable areas. Rising rents, elevated mortgage rates, and soaring home prices together block many renters from ever becoming homeowners, forcing households to allocate ever‐larger slices of their budgets to stay housed.
Investopedia
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