While most of this Zillow article is merely a sales pitch to convince broke and struggling Americans trapped in low paying jobs to buy homes they can’t afford, the small section highlighting how rents are historically unaffordable is pretty interesting. Zillow analyst Meredith Miller notes that:
Renters, on the other hand, continue to struggle. Renters making the national median income and renting the median-priced apartment should expect to pay about 30 percent of their income in rent, compared to roughly 25 percent historically. Of the largest 35 metros areas, Miami, San Francisco, New York, San Jose and Los Angeles have the biggest differences between current and historic rent affordability.
Rents are historically unaffordable in all of the largest 35 metro areas.
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