According to new data from Moody's Analytics, the current rent-to-income ratio in the U.S. is still pretty wide.
- The ratio covers the gap between what residents earn monthly and the amount spent on rent.
- With the rent-to-income ratio at 30.2 %, this means people are spending about 30% of their income on rent.%
- Minimum wage workers have to work 56 hours a week to afford rent, study says
According to data from Moody's Analytics, the cities experiencing the most rent burden are
- New York
- Fort Lauderdale
- Los Angeles
- Palm Beach
- Northern New Jersey
- Ithaca, New York
- And Flagstaff, Arizona