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Americans' paychecks are getting swallowed by rent. See how much people pay in major U.S. cities.
CBS News • • business
Key Points:
- Sky-high rental costs in U.S. cities are consuming a large portion of Americans' incomes, with New York City having a median rent of $4,750 per month for a two-bedroom, exceeding two-thirds of the median household income.
- Nearly half of all U.S. renters are "cost-burdened," spending more than 30% of their income on housing, and this figure rises to 54% among families with children under 18.
- Low-income renters are disproportionately affected, with over 80% of those earning under $30,000 annually being cost-burdened in 2024.
- The primary cause of soaring rents is a severe housing shortage, with a deficit of 4.7 million homes due to two decades of underbuilding since the 2008 financial crisis.
- Regulatory barriers and zoning restrictions are slowing new construction despite available land, preventing supply from meeting demand and driving up prices, especially for larger apartments.
