Rents Drop in November, But Affordability Issues Remain -- Market Talk

Dow Jones

2024/12/17

1148 ET - Rents fell by 1.1% year-over-year to a median of $1,703 in November, according to Realtor.com. Despite this decline, affordability issues persist, with minimum wage workers in 44 of the top 50 U.S. metros needing to work extended hours to afford rent. Realtor.com says that while lower rents and higher minimum wages offer some relief, new construction is crucial for improving affordability. In Nashville, two minimum wage earners would need to work 82 weekly to manage rent. Even in high-wage areas like San Francisco and San Diego, the hours required remain high. In Denver and Phoenix, two minimum wage earners would each need to work 38 and 40 hours per week, respectively, to afford the median rent. (chris.wack@wsj.com)

(END) Dow Jones Newswires

December 16, 2024 11:49 ET (16:49 GMT)

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