Here’s why renters need to work more hours to afford rent
Many Americans are feeling the pinch of higher rents.
Renters need to work about six hours more a month than what was needed before the pandemic to make their monthly payments. Nationally, Americans making an average hourly wage need to work nearly 63 hours to afford their monthly rent, according to a new report from Zillow.
The typical monthly rent is $2,040, according to Zillow. Over the past five years, rents have grown 36.9%, while the average wage is only up 23%.
“Rents were growing at a record pace for much of 2021, squeezing budgets for renters moving or renewing leases,” said Jeff Tucker, a senior economist at Zillow.