Year-on-year apartment rent change in the U.S. 2023, by state
In November 2023, apartment rents recorded an annual growth in most U.S. states. Nevertheless, the national average rent declined by about one percent. North Dakota was the state with the largest rental increase, while Oregon measured the largest decline. California, one of the most expensive states to rent an apartment, such as California, saw a decrease of 1.84 percent from the previous year.
How much should you earn to afford to rent an apartment in different states in the U.S.?
Both employment opportunities and the living costs vary widely across the country. In California, which is among the most competitive housing markets in the U.S., the hourly wage needed to afford a two-bedroom apartment rental was roughly 42 U.S. dollars, more than twice higher than in North Carolina, Louisiana, or Michigan in 2023. When it comes to the median household income, on the other hand, California does not even make it in the top ten states.
How much should you earn to afford a home in some of U.S. largest metros?
In 2022, the annual salary needed to buy a median-priced home in the U.S. was 97,000 U.S. dollars. However, in some of the largest metropolitan areas in the United States, where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro, the annual salary needed for a median-priced home was approximately 374,000 U.S. dollars.
