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Rental affordability is on the rise, according to a June 18 Zillow report, which stated that 74 percent of America’s apartment rentals were affordable for a median-income household in May.
An analysis by the nation’s leading real estate and rental marketplace shows that last month had the highest share of affordable units ever recorded for May. To be considered affordable, a median-income household would spend no more than 30 percent of its income on rent.
The national median monthly rent across all property types was $1,951 in May, according to the analysis. Using the 30 percent formula, a household would need to earn about $6,500 a month before taxes for that rent to be affordable. In San Jose, California, the median rent was $3,625—the highest in the country. A household there would need to earn just over $12,000 per month for that price to be considered affordable….
An analysis by the nation’s leading real estate and rental marketplace shows that last month had the highest share of affordable units ever recorded for May. To be considered affordable, a median-income household would spend no more than 30 percent of its income on rent.
The national median monthly rent across all property types was $1,951 in May, according to the analysis. Using the 30 percent formula, a household would need to earn about $6,500 a month before taxes for that rent to be affordable. In San Jose, California, the median rent was $3,625—the highest in the country. A household there would need to earn just over $12,000 per month for that price to be considered affordable….
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