Realtor.com® Rent Report: Rental Affordability Improves for Minimum Wage Earners | NWS Stock News

Nationwide, rents continue to fall. The national average across the top 50 metro areas slipped to $1,693, down 1.0% from last November., /PRNewswire/ -- Across the 50 largest metropolitan areas in the United States, the median asking rent for 0–2 bedroom units fell for the 28th consecutive month on a year-over-year basis, according to the Realtor.com® November Rental Report. The national median rent now stands at $1,693, down $17 (or 1.0%) from last November. While this marks modest relief since the post-pandemic peak, rents remain 17.2% higher than in November 2019, keeping affordability challenges in the spotlight.The cooling trend, coupled with state and local minimum wage increases, is beginning to create a notable, though still limited, improvement in rental affordability for the country's lowest-wage earners."Two years of sustained rent declines have offered modest financial relief to renters nationwide, and as we approach the new year state-level minimum wage increases will help to improve affordability for the most burdened households," said Danielle Hale, chief economist at Realtor.com®. "While the challenge remains immense, particularly in high-cost areas, the number of metros where two minimum wage earners can afford a typical rental without working overtime will grow in 2026, a positive sign. In other markets, especially in states with scheduled minimum wage hikes, the amount of overtime hours needed to afford a rental will decline, potentially freeing that income for other budget priorities."5 Metros Now Affordable for Two Minimum Wage EarnersAffordability for minimum wage earners remains a critical hurdle. Assuming a two-earner household where both individuals earn the metro's minimum wage and adhere to the 30% rent-to-income rule, only five of the top 50 metros are currently affordable without requiring overtime (40 or fewer hours per week per renter). In all five of these affordable metros, the median rent is below the national average and the minimum wage is higher than the federal $7.25."While our analysis is based on statutory minimum wages, the reality is that market forces often push starting pay higher, even in states defaulting to the $7.25 federal minimum," said Joel Berner, Senior Economist at Realtor.com®. "In several high-cost-of-living areas, however, even a higher market-driven wage or a state-mandated increase, such as the one scheduled for San Jose, does not close the affordability gap. It's a clear signal that housing costs continue to pose a massive hurdle for those at the bottom of the pay scale."Metros Where Minimum Wage Earners Can Afford the Median Rent Cbsa TitleMedian Asking Rent(0-2 Bedrooms - Nov 2025)2025 Minimum WageReqd MW Hours per Week per Renter 2025Buffalo-Cheektowaga, N.Y. $1,176$15.5030Rochester, N.Y$1,339$15.5035St. Louis, Mo.-Ill. $1,305$13.7538Phoenix-Mesa-Chandler, Ariz.$1,445$14.7039Kansas City, Mo-Kan.$1,387$13.7540Some Affordability Gains Expected in 2026The new year will bring further relief to key markets due to scheduled minimum wage increases. Detroit, Mich. and Jacksonville, Fla. are poised to join the list of affordable metros in 2026. Florida metros, in particular, will see the most significant drop in required working hours.Metros Where Affordability is Improving for Minimum Wage EarnersCbsa TitleMedian Asking Rent(0-2 Bedrooms- Nov 2025)2025 Minimum Wage2026 Minimum WageReqd MW Hours per Week per Renter 2026Diff 2025to 2026Detroit-Warren-Dearborn, Mich.$1,327$10.56$13.7339-12Miami-Fort Lauderdale-West Palm Beach, Fla.$2,287$13.00$15.0061-9Tampa-St. Petersburg-Clearwater, Fla.$1,672$13.00$15.0045-7Orlando-Kissimmee-Sanford, Fla. $1,650$13.00$15.0044-7Jacksonville, Fla. $1,457$13.00$15.0039-6Affordability Crisis Persists for Minimum Wage Earners in Most MetrosDespite these gains, the median rental unit remains unaffordable for two minimum wage earners in 43 out of the 50 largest metros. The most challenging markets continue to be those where the local minimum wage defaults to the federal $7.25. To be sure, very few workers are actually paid $7.25/hour, but entry-level workers in these areas do not have the wage protections in place to make their costs of living affordable.Metros Where Minimum Wage Earners Must Work the Most Hours Cbsa TitleMedian Asking Rent(0-2 Bedrooms- Nov 2025)2026 Minimum WageReqd MW Hoursper Week per Renter 2026Minimum WageIncrease Scheduled in 2026Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$1,739$7.2596NoMilwaukee-Waukesha, Wis.$1,685$7.2593NoAtlanta-Sandy Springs-Roswell, Ga.$1,543$7.2585NoNashville-Davidson--Murfreesboro--Franklin, Tenn.$1,511$7.2583NoCharlotte-Concord-Gastonia, N.C.-S.C.$1,498$7.2583NoRaleigh-Cary, N.C.$1,478$7.2582NoPittsburgh, Pa.$1,471$7.2581NoSan Jose-Sunnyvale-Santa Clara, Calif.$3,363$16.9080YesDallas-Fort Worth-Arlington, Texas$1,441$7.2580NoAustin-Round Rock-San Marcos, Texas$1,388$7.2577NoNational Rent Trends by Unit SizeRents continued to decline across all unit sizes year-over-year, marking the 28th to 30th consecutive month of annual drops for 0-, 1-, and 2-bedroom units.Year-Over-Year Rent ChangeUnit SizeMedian RentRent YoYConsecutive Monthsof YoY DeclineRent vs Nov 2022Rent vs Nov 2019Overall$1,693-1.0 %28-2.4 %17.2 %Studio$1,418-0.4 %27-3.7 %12.2 %1-Bedroom$1,572-1.0 %30-3.3 %15.1 %2-Bedroom$1,874-1.1 %30-2.5 %19.3 %Notably, the minimal decline in studio rents (-0.4%) suggests potential strengthening in renter demand, as smaller units often react faster to changes in household formation.AppendixCbsa TitleMedian Asking Rent (0-2 Bedrooms- Nov 2025)YoY Rent ChangeRequired Minimum WageHours per Weekper Renter 2024Required Minimum WageHours per Week per Renter 2025Required Minimum WageHours per Week per Renter 2026Atlanta-Sandy Springs-Roswell, Ga.$1,543-2.3 %878585Austin-Round Rock-San Marcos, Texas$1,388-6.6 %827777Baltimore-Columbia-Towson, Md. $1,8562.4 %484949Birmingham, Ala. $1,180-4.6 %686565Boston-Cambridge-Newton, Mass.-N.H. $2,870-2.5 %787777Buffalo-Cheektowaga, N.Y$1,1763.3 %293029Charlotte-Concord-Gastonia, N.C.-S.C.$1,498-1.4 %848383Chicago-Naperville-Elgin, Ill.-Ind.$1,8040.0 %484848Cincinnati, Ohio-Ky.-Ind.$1,319-3.1 %514948Cleveland, Ohio$1,2422.2 %454645Columbus, Ohio$1,2051.3 %444544Dallas-Fort Worth-Arlington, Texas$1,441-1.9 %818080Denver-Aurora-Centennial, Colo$1,742-4.8 %494746Detroit-Warren-Dearborn, Mich.$1,3270.2 %505039Hartford-West Hartford-East Hartford, Conn.$1,8363.6 %434543Houston-Pasadena-The Woodlands, Texas$1,369-2.7 %787676Indianapolis-Carmel-Greenwood, Ind.$1,2880.2 %717171Jacksonville, Fla.$1,457-4.2 %474539Kansas City, Minn-Kan.$1,3873.2 %394037Las Vegas-Henderson-North Las Vegas, Nev.$1,434-3.0 %494848Los Angeles-Long Beach-Anaheim, Calif$2,776-2.0 %696766Louisville/Jefferson County, Ky.-Ind.$1,244-2.4 %706969Memphis, Tenn-Miss-Ark$1,165-1.6 %656464Miami-Fort Lauderdale-West Palm Beach, Fla.$2,287-2.7 %727061Milwaukee-Waukesha, Wis.$1,6854.5 %899393Minneapolis-St. Paul-Bloomington, Minn.-Wis.$1,503-0.9 %555453Nashville-Davidson--Murfreesboro--Franklin, Tenn.$1,511-2.1 %858383New Orleans-Metairie, La.NANANANANANew York-Newark-Jersey City, N.Y.-N.J.$2,8980.0 %707068Oklahoma City, Okla. $9940.5 %555555Orlando-Kissimmee-Sanford, Fla.$1,650-1.8 %525144Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$1,739-1.5 %979696Phoenix-Mesa-Chandler, Ariz.$1,445-4.0 %413938Pittsburgh, Pa.$1,4712.7 %798181Portland-Vancouver-Hillsboro, Ore.-Wash.$1,641-2.6 %424141Providence-Warwick, R.I.-Mass.NANANANANARaleigh-Cary, N.C.$1,478-2.2 %838282Richmond, Va.$1,5001.5 %484847Riverside-San Bernardino-Ontario, Calif.$2,076-2.8 %525049Rochester, N.Y.$1,3390.3 %343533Sacramento-Roseville-Folsom, Calif.$1,839-2.1 %464544San Antonio-New Braunfels, Texas$1,207-2.7 %686767San Diego-Chula Vista-Carlsbad, Calif.$2,688-3.5 %676564San Francisco-Oakland-Fremont, Calif.$2,8191.4 %676867San Jose-Sunnyvale-Santa Clara, Calif.$3,3632.5 %798280Seattle-Tacoma-Bellevue, Wash.$1,942-0.7 %474745St. Louis, Minn-Ill.$1,305-1.3 %383835Tampa-St. Petersburg-Clearwater, Fla.$1,672-2.5 %535145Virginia Beach-Chesapeake-Norfolk, Va.-N.C.$1,6092.7 %505250Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.$2,2640.5 %515252MethodologyRental data as of November 2025 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019. Minimum wage data is sourced from ADP and the US Department of Labor. McDonald's crew member wages come from listings on Indeed.About Realtor.com®Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.Media contact: Emily Do, press@realtor.comSOURCE Realtor.com