"My trusty spreadsheet reviewed monthly rents and hourly wage data collected by United Way, comparing 2024 with 2019 for 96 U.S. metropolitan areas, including nine in California. Those statistics show that paychecks are not keeping up with monthly rent payments, both in California and nationwide. In those nine California markets, using population-weighted data, tenants experienced 4.8% annualized rent growth over five years to $2,768 per month in 2024."
"Please note that the California wage advantage was largely limited to the Bay Area. San Jose wage growth outpaced rent hikes by 5.6 percentage points that's the No. 1 gap nationally when contrasting 2% annual rent growth over five years to $3,319 monthly in 2024 vs. 7.6% yearly wage increases. San Francisco wages outpaced rents by 4.4 percentage points No. 2 nationally 1.3% annual rent growth to $3,002 monthly vs. 5.7% yearly wage increases."
Nine California metropolitan areas experienced 4.8% annualized rent growth from 2019 to 2024, with median rents reaching $2,768 per month in 2024. Workers in those metros saw wages rise about 5.4% per year, producing a modest 0.6 percentage-point annual advantage for wages over rents. Outside California, 87 U.S. markets averaged 5.8% annual rent growth to $1,980 monthly while wages rose 4.7% annually, meaning rents outpaced wages by 1.1 points. The California wage advantage was concentrated in the Bay Area, with San Jose and San Francisco showing the largest gaps in favor of wages.
Read at www.ocregister.com
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