Year-on-year apartment rent change in the U.S. 2021-2022, by state

Between March 2021 and March 2022, apartment rents grew by more than 20 percent in seven different states in the United States. Florida saw the highest increase in the average monthly apartment rent, with 29 percent. Though some of the most expensive states to rent an apartment, such as California, New York, and District of Columbia, saw rates decrease in 2020, as of March 2022 states all across the country measured rental growth.

How much should you earn to afford to rent an apartment in different states in the U.S.?

Both employment opportunities and the living costs vary widely across the country. In California, which is one of the most competitive housing markets in the U.S., the hourly wage needed to afford a two-bedroom apartment rental was roughly 39 U.S. dollars, more than twice higher than in North Carolina, Louisiana, or Michigan in 2021. When it comes to the median household income, on the other hand, California does not even make it in the top ten states.

How much should you earn to afford a home in some of U.S. largest metros?

In 2020, the annual salary needed to buy a median-priced home in the U.S. was 60,479 U.S. dollars. However, in some of the largest metropolitan areas in the United States, where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro in 2020, the annual salary needed for a median-priced home was approximately 238,441 U.S. dollars.