ATLANTA — A study of rental prices and wage growth across the United States from real estate company Zillow shows that rents have continued to grow faster than how much renters are getting paid since 2019.
While the national average showed rents were growing 1.5 times faster than wages across the U.S., in Atlanta, rent prices were growing almost twice as much compared to wages in the metro, even before the COVID pandemic.
Zillow, and analysis partner StreetEasy, reported that rent in the Atlanta metro was 2.92 times faster than wage growth, with rent increasing 35.6% compared to wages growing only 12.2%.
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However, from 2022 to 2023, rent and wages both grew 0.2%, the study said.
“An analysis of Zillow® and StreetEasy® rental data, combined with wage data from the U.S. Bureau of Labor Statistics, shows that since the pandemic, rent growth has far outpaced wage growth in 44 out of the 50 largest United States metros,” the study reported.
Atlanta’s rent growth levels put it in the top 10 for highest rent versus wage growth rankings in the analysis. Among the top 10 metro areas for gaps between wage and rent growth, Atlanta was ranked sixth.
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