See how much renters pay for a 2-bedroom home in 50 U.S. cities
Nearly half of renters spend more than 30% of their income on housing. Here's what it costs to rent a two-bedroom home in 50 U.S. cities.
Rising rental prices are straining the finances of many Americans, with the median rent for a two-bedroom home in New York City costing $4,750 per month, or $57,000 annually. This represents more than two-thirds of the median household income, according to 2023 Census Bureau data. Nationwide, the median annual rent sits at $21,480, with nearly half of renters considered cost-burdened, meaning over 30% of their income goes towards housing expenses. Among families with children under 18, 54% are rent-burdened.
Despite a slowdown in rent increases, prices remain high relative to income, with around 50% of renters cost-burdened since the pandemic. Low-income renters are hit particularly hard, with over 80% earning under $30,000 a year facing cost-burden. A severe housing shortage, estimated at 4.7 million homes, is the primary driver of rising rents. This gap stems from underbuilding for two decades following the 2008 financial crisis.
The shortage, coupled with limited development due to zoning restrictions and regulatory hurdles, has created a backlog of projects in high-demand rental markets. While a bipartisan bill passed earlier this year aims to boost supply, experts believe it won't immediately alleviate price pressures.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
