Renters in New York, L.A., Miami, San Francisco, San Jose, and San Diego are paying at least 39.4 percent of their income on rent, Zillow Real Estate Research finds.
This number is well above both the current national average and historic norms for these areas. According to Zillow, the number of permits issued for new apartment construction in each of these six markets “falls far short of the amount needed to keep up with population growth.”
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