Renters paid an average 30.2 percent of their income on rent, an analysis by Zillow found. According to the Wall Street Journal, this is the highest share ever since data was collected in 1979.
“The number is significant in part because it shows rental burdens creeping past 30%, which economists consider an affordable proportion of income for people to pay on rent,” writes Laura Kusisto, real estate reporter for The Wall Street Journal.
Rental affordability worsened in 28 of the 35 metro areas. Los Angeles renters could expect to pay 49 percent of their incomes, and San Francisco renters could pay 47 percent.
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