IE Business Daily Business news for the Inland Empire.
An annual income of $63,680 was needed to afford the U.S. median monthly apartment rent of $1,592 in December, according to a report.
That was a year-over-year decline of 0.4 percent, and the lowest required income recorded since March 2022, the real estate brokerage Redfin reported.
It was also a drop of 6.4 percent from August 2022, when the required median income was $1,700, the highest ever recorded. A renter needed to earn $68,000 to make that payment, about $5,000 more than today.
The estimated median income for a renter in 2024 was $54,752, up 5.3 percent from 2023 ($52,019) and up 35.2 percent compared with 2019, one year before the pandemic ($40,505).
Riverside was ranked seventh among the top 10 least affordable markets for renters: An annual income of $90,640 was needed to pay the median monthly rent of $2,266. Riverside’s median income last year was $63,162, an affordability gap of 30.3 percent, according to Redfin.
