1108 ET - Rents across the U.S. grew more affordable in April, Realtor.com says. Renters earning the typical household income devoted 23.4% of their income to lease a typical for-rent home, which is down from 24.7% in April 2024. Only five of the top 50 U.S. metros had a rent share higher than 30% relative to the median household income. Nationally, the median asking rent settled at $1,699, showing a slight $5 increase from the previous month but remaining $60 below its August 2022 peak. Realtor.com measures rental affordability by saying a household should spend no more than 30% of its gross income on housing costs. Using this measure, the typical for-rent home is affordable in most major U.S. metros for renters earning the typical household income. Oklahoma City was the most affordable rental market in April, with Miami standing out as the least affordable. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 14, 2025 11:08 ET (15:08 GMT)
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