Rent costs are on many American minds these days, as the average American needs to make $80,949 a year to afford a standard rental property, according to a study by Zillow. In the same study, Zillow outlined how much Americans have to make to afford rent in major cities, including Houston.
Just five years ago, that $80,000 figure sat at $60,000, highlighting a concerning trend when it comes to housing in the U.S. It’s well known salaries have failed to match the rate of inflation for decades, with the gap is widening at an accelerating rate.
Zillow released a report of the 50-largest rental markets, outlining the annual salary needed to rent comfortably in each market, the change in income needed compared to five years ago, their Zillow “Observed Rent Index” (ZORI) and the percentage of income the median renter is spending on rent…