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Housing Market: US: Difference between revisions
→Rent Developments
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=== Zillow === | === Zillow === | ||
[[File:Screenshot 2024-05-14 110051.png|center|thumb|840x840px|https://www.zillow.com/research/april-2024-rent-report-34018/]] | |||
The typical U.S. rent is now only a whisker away from $2,000, at $1,997, according to the Zillow Observed Rent Index. <ref>https://www.zillow.com/research/april-2024-rent-report-34018/</ref> | |||
* U.S. rents continued to tick up in April. Rents grew 0.6% month over month, slightly slower than the pre-pandemic average for this time of year of 0.7% | |||
* U.S. rents are now up 3.6% from last year. Since the beginning of the pandemic, rents have increased by 31.4%. | |||
* The share of median household income spent on typical rent has moderated slightly to 29.2%, down from a recent peak of 30.3% in June 2022 but still a ways above 27.6% needed before the pandemic. | |||
* Multifamily rents grew 0.631% in April, while single-family rents grew 0.625%. Still, multifamily rents have grown only 2.8% over the past year, well below the 4.8% year-over-year growth seen in single-family rentals in April and softer than multifamily pre-pandemic norms | |||
* The income needed to comfortably afford rent increased by 3.7% year over year in April to $79,889. | |||
== Forecasts == | == Forecasts == | ||