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Rental affordability declined in 82% of U.S. metropolitan areas from 2014 to 2023, according to a report from the Mortgage Bankers Association’s Research Institute for Housing America. The report estimates that, after accounting for housing-quality changes, renters saw the equivalent of an average $256 annual income reduction.
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The findings point to affordability pressure for renters across much of the country, with potential consequences for household budgets. The reported comparison also accounts for changes in housing quality, so it is not a simple measure of rent increases alone.