Renters need six-figure income to ‘comfortably’ afford rent in eight major markets

In eight major markets, a household income of more than $100,000 is needed to comfortably afford rent, according to a new report from Zillow.

That’s double the four markets that required six figures five years ago. Nationally, renters need an annual income of more than $80,000, up from $60,000 five years ago.

Rent is considered “comfortable” if it consumes less than 30% of household income. Over the same period, rent for a typical U.S apartment spiked by 28.7% to $1,858. The cost to buy a typical single-family home jumped 42.9% to $2,256 over the last five years.

Income for most did not keep pace with ballooning housing costs. Median household income climbed 22.5% to $82,000.