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 in rental affordability 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 Earners
Affordability 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 Title |
Median Asking Rent
(0-2 Bedrooms
– Nov 2025) |
2025
Minimum
Wage |
Reqd MW Hours
per Week per
Renter 2025 |
| Buffalo-Cheektowaga, N.Y. |
$1,176 |
$15.50 |
30 |
| Rochester, N.Y |
$1,339 |
$15.50 |
35 |
| St. Louis, Mo.-Ill. |
$1,305 |
$13.75 |
38 |
| Phoenix-Mesa-Chandler, Ariz. |
$1,445 |
$14.70 |
39 |
| Kansas City, Mo-Kan. |
$1,387 |
$13.75 |
40 |
Some Affordability Gains Expected In 2026
The 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 Earners
| Cbsa Title |
Median Asking Rent
(0-2 Bedrooms
– Nov 2025) |
2025
Minimum
Wage |
2026
Minimum
Wage |
Reqd MW Hours
per Week per
Renter 2026 |
Diff 2025
to
2026 |
| Detroit-Warren-Dearborn, Mich. |
$1,327 |
$10.56 |
$13.73 |
39 |
-12 |
| Miami-Fort Lauderdale-West Palm Beach, Fla. |
$2,287 |
$13.00 |
$15.00 |
61 |
-9 |
| Tampa-St. Petersburg-Clearwater, Fla. |
$1,672 |
$13.00 |
$15.00 |
45 |
-7 |
| Orlando-Kissimmee-Sanford, Fla. |
$1,650 |
$13.00 |
$15.00 |
44 |
-7 |
| Jacksonville, Fla. |
$1,457 |
$13.00 |
$15.00 |
39 |
-6 |
Affordability Crisis Persists For Minimum Wage Earners In Most Metros
Despite 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 Title |
Median Asking Rent
(0-2 Bedrooms
– Nov 2025) |
2026
Minimum
Wage |
Reqd MW Hours
per Week per
Renter 2026 |
Minimum Wage
Increase
Scheduled in 2026 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
$1,739 |
$7.25 |
96 |
No |
| Milwaukee-Waukesha, Wis. |
$1,685 |
$7.25 |
93 |
No |
| Atlanta-Sandy Springs-Roswell, Ga. |
$1,543 |
$7.25 |
85 |
No |
| Nashville-Davidson–Murfreesboro–Franklin, Tenn. |
$1,511 |
$7.25 |
83 |
No |
| Charlotte-Concord-Gastonia, N.C.-S.C. |
$1,498 |
$7.25 |
83 |
No |
| Raleigh-Cary, N.C. |
$1,478 |
$7.25 |
82 |
No |
| Pittsburgh, Pa. |
$1,471 |
$7.25 |
81 |
No |
| San Jose-Sunnyvale-Santa Clara, Calif. |
$3,363 |
$16.90 |
80 |
Yes |
| Dallas-Fort Worth-Arlington, Texas |
$1,441 |
$7.25 |
80 |
No |
| Austin-Round Rock-San Marcos, Texas |
$1,388 |
$7.25 |
77 |
No |
National Rent Trends By Unit Size
Rents 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 Change
| Unit Size |
Median Rent |
Rent YoY |
Consecutive Months
of YoY Decline |
Rent vs
Nov 2022 |
Rent vs Nov 2019 |
| Overall |
$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.
Appendix
| Cbsa Title |
Median Asking Rent
(0-2 Bedrooms
– Nov 2025) |
YoY
Rent
Change |
Required Minimum Wage
Hours per Week
per Renter 2024 |
Required Minimum Wage
Hours per Week
per Renter 2025 |
Required Minimum Wage
Hours per Week
per Renter 2026 |
| Atlanta-Sandy Springs-Roswell, Ga. |
$1,543 |
-2.3 % |
87 |
85 |
85 |
| Austin-Round Rock-San Marcos, Texas |
$1,388 |
-6.6 % |
82 |
77 |
77 |
| Baltimore-Columbia-Towson, Md. |
$1,856 |
2.4 % |
48 |
49 |
49 |
| Birmingham, Ala. |
$1,180 |
-4.6 % |
68 |
65 |
65 |
| Boston-Cambridge-Newton, Mass.-N.H. |
$2,870 |
-2.5 % |
78 |
77 |
77 |
| Buffalo-Cheektowaga, N.Y |
$1,176 |
3.3 % |
29 |
30 |
29 |
| Charlotte-Concord-Gastonia, N.C.-S.C. |
$1,498 |
-1.4 % |
84 |
83 |
83 |
| Chicago-Naperville-Elgin, Ill.-Ind. |
$1,804 |
0.0 % |
48 |
48 |
48 |
| Cincinnati, Ohio-Ky.-Ind. |
$1,319 |
-3.1 % |
51 |
49 |
48 |
| Cleveland, Ohio |
$1,242 |
2.2 % |
45 |
46 |
45 |
| Columbus, Ohio |
$1,205 |
1.3 % |
44 |
45 |
44 |
| Dallas-Fort Worth-Arlington, Texas |
$1,441 |
-1.9 % |
81 |
80 |
80 |
| Denver-Aurora-Centennial, Colo |
$1,742 |
-4.8 % |
49 |
47 |
46 |
| Detroit-Warren-Dearborn, Mich. |
$1,327 |
0.2 % |
50 |
50 |
39 |
| Hartford-West Hartford-East Hartford, Conn. |
$1,836 |
3.6 % |
43 |
45 |
43 |
| Houston-Pasadena-The Woodlands, Texas |
$1,369 |
-2.7 % |
78 |
76 |
76 |
| Indianapolis-Carmel-Greenwood, Ind. |
$1,288 |
0.2 % |
71 |
71 |
71 |
| Jacksonville, Fla. |
$1,457 |
-4.2 % |
47 |
45 |
39 |
| Kansas City, Minn-Kan. |
$1,387 |
3.2 % |
39 |
40 |
37 |
| Las Vegas-Henderson-North Las Vegas, Nev. |
$1,434 |
-3.0 % |
49 |
48 |
48 |
| Los Angeles-Long Beach-Anaheim, Calif |
$2,776 |
-2.0 % |
69 |
67 |
66 |
| Louisville/Jefferson County, Ky.-Ind. |
$1,244 |
-2.4 % |
70 |
69 |
69 |
| Memphis, Tenn-Miss-Ark |
$1,165 |
-1.6 % |
65 |
64 |
64 |
| Miami-Fort Lauderdale-West Palm Beach, Fla. |
$2,287 |
-2.7 % |
72 |
70 |
61 |
| Milwaukee-Waukesha, Wis. |
$1,685 |
4.5 % |
89 |
93 |
93 |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
$1,503 |
-0.9 % |
55 |
54 |
53 |
| Nashville-Davidson–Murfreesboro–Franklin, Tenn. |
$1,511 |
-2.1 % |
85 |
83 |
83 |
| New Orleans-Metairie, La. |
NA |
NA |
NA |
NA |
NA |
| New York-Newark-Jersey City, N.Y.-N.J. |
$2,898 |
0.0 % |
70 |
70 |
68 |
| Oklahoma City, Okla. |
$994 |
0.5 % |
55 |
55 |
55 |
| Orlando-Kissimmee-Sanford, Fla. |
$1,650 |
-1.8 % |
52 |
51 |
44 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
$1,739 |
-1.5 % |
97 |
96 |
96 |
| Phoenix-Mesa-Chandler, Ariz. |
$1,445 |
-4.0 % |
41 |
39 |
38 |
| Pittsburgh, Pa. |
$1,471 |
2.7 % |
79 |
81 |
81 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. |
$1,641 |
-2.6 % |
42 |
41 |
41 |
| Providence-Warwick, R.I.-Mass. |
NA |
NA |
NA |
NA |
NA |
| Raleigh-Cary, N.C. |
$1,478 |
-2.2 % |
83 |
82 |
82 |
| Richmond, Va. |
$1,500 |
1.5 % |
48 |
48 |
47 |
| Riverside-San Bernardino-Ontario, Calif. |
$2,076 |
-2.8 % |
52 |
50 |
49 |
| Rochester, N.Y. |
$1,339 |
0.3 % |
34 |
35 |
33 |
| Sacramento-Roseville-Folsom, Calif. |
$1,839 |
-2.1 % |
46 |
45 |
44 |
| San Antonio-New Braunfels, Texas |
$1,207 |
-2.7 % |
68 |
67 |
67 |
| San Diego-Chula Vista-Carlsbad, Calif. |
$2,688 |
-3.5 % |
67 |
65 |
64 |
| San Francisco-Oakland-Fremont, Calif. |
$2,819 |
1.4 % |
67 |
68 |
67 |
| San Jose-Sunnyvale-Santa Clara, Calif. |
$3,363 |
2.5 % |
79 |
82 |
80 |
| Seattle-Tacoma-Bellevue, Wash. |
$1,942 |
-0.7 % |
47 |
47 |
45 |
| St. Louis, Minn-Ill. |
$1,305 |
-1.3 % |
38 |
38 |
35 |
| Tampa-St. Petersburg-Clearwater, Fla. |
$1,672 |
-2.5 % |
53 |
51 |
45 |
| Virginia Beach-Chesapeake-Norfolk, Va.-N.C. |
$1,609 |
2.7 % |
50 |
52 |
50 |
| Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. |
$2,264 |
0.5 % |
51 |
52 |
52 |
– more at azbigmedia.com
