See how much renters pay for a 2-bedroom home in 50 U.S. cities
Summary
Rent prices for two-bedroom homes are very high across many U.S. cities, making it hard for many Americans to afford housing. A shortage of homes, caused by low building rates and regulatory challenges, has pushed up rent costs and left many renters paying a large part of their income on rent.Key Facts
- The median rent for a two-bedroom home in New York City is $4,750 per month, or $57,000 a year.
- This rent takes up more than two-thirds of the median household income in New York City.
- The median annual rent across the U.S. is about $21,480.
- Nearly half of all renters in the U.S. spend more than 30% of their income on housing costs, which is considered rent-burdened.
- Over 54% of families with children under 18 are rent-burdened.
- Eight out of ten renters earning less than $30,000 a year are rent-burdened.
- A shortage of about 4.7 million homes contributes to high rent prices.
- New housing development is slowed by zoning laws and regulatory delays.
- A recent bipartisan housing bill aims to increase supply but will take time to affect rent prices.
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