NEW YORK (CNNMoney) — Renters across the nation are being squeezed by rising rents and stagnant wages.
New York City and the surrounding area has seen the most dramatic increase, with rents up 50% over the past five years. However, household income in the area has risen just 8% in that period.
Overall, rents have increased faster than income in all but four of the 70 metro areas, according to a report Monday from the National Association of Realtors.
In some areas, rents may not have gone up astronomically, but income has actually declined, heightening the disparity. It is particularly glaring in Albuquerque, where rents have increased 10% in the past five years. But income in the metro area declined 12% in the period.
It’s a similar story in Providence, RI, Omaha, Tuscon and New Orleans, where income is falling even as rents rise (See full list below).
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