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Soaring Rent Prices Require Six-Figure Salaries in More U.S. Cities

Soaring Rent Prices Require Six-Figure Salaries in More U.S. Cities

Renters in eight major U.S. metro areas now need six-figure salaries to afford median rents, with Los Angeles requiring $119,000 and Miami $110,000. San Jose is the most expensive, needing $137,000, though wages there keep pace with rent. Nationally, average rent rose 34% since 2020, outpacing wage growth of 23%. Some cities like Buffalo and Oklahoma City remain more affordable, with renters spending 23% or less of income on rent.

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