Rent affordability remains a challenge in some of the most expensive markets nationwide including New York, Los Angeles, San Diego, and Miami. However, according to Radix’s Share of Wallet Index, which tracks the median household income compared to the average apartment rent at the metro level, most markets remain under the 30% level, meaning that the average household spends 30% or less of its income on rent. This can vary property to property and submarket to submarket, but overall affordability appears balanced in many secondary and sunbelt markets.
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