For many market-rate renters, incomes appear to be keeping up. But are you one of them?
By Patrick Clark | Bloomberg
Most people paying attention to the cost of renting an apartment in the U.S. would tell you that prices have gotten out of hand.
That’s certainly true at the extremes where, say, the typical two-bedroom in the Bay Area suburb of San Mateo, Calif., clocks in at $4,300 a month. More broadly, the supply of new housing isn’t keeping up with demand, pushing rents up in cities across the country.
It stands to reason, then, that Americans are spending an ever larger share of their incomes on rent, limiting the amount they can spend on everything from health care to groceries to saving for retirement—or to buy a home.