Renters across the U.S. have seen the average rent rise 18% over the last five years, outpacing inflation.

According to consumer price index data from the Bureau of Labor Statistics, the national average rent now stands at $1,371. This increase in rent costs has put additional strain on renters’ budgets. In contrast, renters’ income has not kept pace with these rising costs. Between 2017 and 2022, the cost of all goods and services increased by 16% due to inflation, while renters’ income rose only 2% during the same period when adjusted for inflation². The combination of rising rents and stagnant incomes has contributed to the housing affordability crunch faced by many Americans.

5 years ago, renters needed to make less than $60,000 a year to afford the typical rent.

Now they need to make almost $80,000, per FORTUNE.

— unusual_whales (@unusual_whales) June 1, 2024