American apartment renters are pushing their budgets, spending beyond their means amid high interest rates that are making it difficult for people to buy homes.Households that tend to rent typically earn about $55,000 a year, according to real estate platform Redfin. But that is more than $11,000 less than what someone needs to earn to rent at an apartment at a median price of about $1,650 per month.
'For a lot of folks, the math still won't check out,' Sheharyar Bokhari, Redfin's senior economist, said in a release. 'Many U.S. renters are and will remain burdened by the cost of having a roof over their head, and unlike homeowners, they're not building wealth through rising property values.'Wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022.
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