Liberty Blitzkrieg
While most of this Zillow article
is merely a sales pitch to convince broke and struggling Americans
trapped in low paying jobs to buy homes they can’t afford, the small
section highlighting how rents are historically unaffordable is pretty
interesting. Zillow analyst Meredith Miller notes that:
Renters, on the other hand, continue to struggle. Renters making the
national median income and renting the median-priced apartment should
expect to pay about 30 percent of their income in rent, compared to
roughly 25 percent historically. Of the largest 35 metros areas, Miami,
San Francisco, New York, San Jose and Los Angeles have the biggest
differences between current and historic rent affordability.
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