Nearly all of the 50 biggest metro areas in the US have become less affordable for renters and prospective first-time homebuyers over the last two decades, with the percentage of income devoted to rental payments rising sharply in most regions. 

A new report from the Mortgage Bankers Association’s Research Institute for Housing America shows that annual median rent growth rose at 2% above inflation, whereas annual median income rose 0.8%, leading to a typical household spending 7.6% more of its income to rent a median-priced housing unit in 2020 versus 2021.

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