Rental Affordability Worsens Across the US
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Rents in the US as a percentage of monthly income increased to 30.2% over the past year, the highest percentage ever. For some perspective, renters could expect to pay 24.4% prior to the real estate bubble burst. Some particularly expensive markets are contributing to the increase, including New York at 41.3% and Los Angeles at 48.9%. DC appears to be a relative bargain in comparison at 26.8%, but that comes with a caveat. Median household income in the Greater Washington area was tops in the nation for 2013, according to Census Bureau data. Residential buyers are paying an average of 15.1% of their income towards housing, below historical norms of 21.3%. [MHN]