The US is now rent-burdened nationally for the first time, according to new research from Moody’s, as wage growth increasingly trails rent growth.

The national average rent-to-income (RTI) reached 30% for the first time in the more than 20 years Moody’s has tracked, up 1.5% from year-ago and 0.2% from Q3. The metros with the highest rent to income ratios include New York (nearly 70%), Miami (just north of 40%), Fort Lauderdale, Los Angeles, Palm Beach, Northern New Jersey, Boston, Tampa – St. Petersburg, San Francisco, and Orlando.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lynn Pollack


GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.