Rents in most major U.S. metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
Florida, a migration hot spot, had some of the most dramatic differences - Tampa and Jacksonville have seen rents surge more than three times quicker than wages.
Despite a strong job market in New York City, rents increased more than seven times faster than wages, highlighting the growing gap between affordability and market prices.
Housing shortage, high demand from millennials and Gen Z, along with new multifamily buildings affecting competitive pressure, have contributed to the rapid rise in rental costs.
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