Data from PropTrack shows only houses with an estimated median income of $111,000 annually can afford to rent the smallest property shares.
Low to middle income households, on the other hand, are unable to afford renting if they earn approximately $49,000 per year.
Angus Moore, a PropTrack senior economist, attributes this to huge rent increases and wages unable to keep up since the pandemic, where rent has gone up by 38%.
To solve this, he says we must increasing the supply and availability of rentals long term.