In the second quarter of 2024, median asking rent prices in the US reached an unprecedented $1,481 per month, marking a record high.
Since 2019, there has been an extraordinary 56% increase in median asking rents, as reported by the US Census Bureau.
Currently, the median asking rent represents approximately 29% of the average monthly disposable personal income.
In contrast, this proportion was notably lower in 2019, at around 24%.
This indicates that rental costs have surged at a pace significantly outstripping the growth in post-tax household income.
Consequently, renting a home is increasingly becoming a luxury.
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