Rents surged 30.4% while wages only rose 20.2%, squeezing renters’ budgets nationwide.

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Rents have been rising faster than wages across the United States. Between 2019 and 2023, nationwide rents increased by 30.4%, while wages during the same period rose by 20.2%. This trend has particularly affected large cities like Atlanta, Charlotte, Miami, Phoenix, and Tampa, where the gap between wage growth and rent increases was widest. The median U.S. rent reached $1,987 in March 2024, putting pressure on renters’ budgets and impacting other essential expenses.

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