The average rent for a three-bedroom, two-bathroom apartment in the nation’s biggest city is now more than $2,400 a month, according to a report released Monday by Real Capital Analytics.
The median home price has risen nearly 10% over the past year and the median monthly payment is $1,600, according a new report from the research firm.
And the average annual income for renters is $46,800, according the report, which tracks the median income of households in the United States.
In San Francisco, where the average monthly rent is $2.3 million, renters are paying more than 50% of the median rent, which was $1.9 million in 2016.
But in Los Angeles, where rents are higher, renters pay about 15% of their median income, which is $5,000, according RCA.
And in New York City, where rent prices are higher than in many cities, renters only pay about 9% of median income.
The average annual salary of a renter in Los, New York, is about $55,000.
That same year, the median salary of renters in the city was $34,000 and they made $5.4 million, according Real Capital.
The report, based on information from the Census Bureau’s American Community Survey, found that more than 7.3% of renters are earning less than $10,000 a year and another 5.3%, earning less that $12,000 annually.
Rents are rising faster than inflation in the Bay Area, with rents in San Francisco rising more than 13% over last year, according with Real Capital’s report.
In addition to rising rents, there are also signs of slowing economic growth in some of the nations largest cities, which are also home to the country’s largest tech companies.
Data from the U.S. Bureau of Labor Statistics shows that median wages for full-time workers increased by 1.2% over a three month period in April.
And in the fourth quarter of this year, full-year median household incomes in Los Alamos and Palo Alto fell by 1% and 3% respectively.
Read more at The Hill