Renters Must Earn $63,680 to Afford US Homes, Lowest in Nearly 3 Years

Potential homebuyers may opt to rent longer as cheap rents provide an affordable option compared to buying a home, a real estate expert said.
Renters Must Earn $63,680 to Afford US Homes, Lowest in Nearly 3 Years
A for-sale sign outside a home in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times
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Renting a home in the United States is at the cheapest level in nearly three years, with Texas metros Austin, Dallas, and Houston being the most affordable, according to real estate brokerage Redfin.

“Renters need to earn $63,680 to afford the median asking rent for a U.S. apartment ($1,592), the lowest amount needed since March 2022,” a Jan. 22 statement from the company reads. “That’s down 0.4 percent from a year ago and a drop of 6.4 percent from August 2022 when the median asking rent hit an all-time high of $1,700. Back then, a renter would have had to earn $68,000 to afford the typical apartment—nearly $5,000 more than today.”
Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.