Realtor.com® Rent Report: Rental Affordability Improves for Minimum Wage Earners

Rhea-AI Summary

Realtor.com (NWS) reports national median asking rent across the top 50 metros at $1,693 in November 2025, down 1.0% YoY and marking the 28th–30th consecutive months of annual declines by unit size. Rents remain 17.2% above November 2019, keeping affordability pressure high. Only 5 of 50 metros are affordable for two minimum-wage earners in 2025; scheduled 2026 minimum-wage increases are expected to add Detroit and Jacksonville to that list. In 43 of 50 metros, two minimum-wage earners still cannot afford median rent without overtime, with several metros requiring >80 hours/week per renter.

Positive

• National median rent $1,693 (Nov 2025), down 1.0% YoY
• 28–30 consecutive months of annual rent declines by unit size
• Detroit and Jacksonville expected to become affordable in 2026

Negative

• Rents remain 17.2% above November 2019 levels
• Only 5 of 50 metros affordable for two minimum-wage earners (2025)
• In several metros, each renter would need >80 hours/week at minimum wage

Key Figures

National median rent $1,693 Top 50 metros, Nov 2025

Rent YoY change -1.0% Overall median rent vs Nov 2024

Rent vs 2019 17.2% Overall median rent vs Nov 2019

Affordable metros 5 metros Top 50 metros where two minimum wage earners afford median rent in 2025

Most expensive rent $3,363 San Jose-Sunnyvale-Santa Clara median asking rent, Nov 2025

Studio median rent $1,418 Studio units, national median, Nov 2025

Studio YoY change -0.4% Studio rent vs Nov 2024

Consecutive declines 28–30 months YoY rent declines across 0–2 bedroom units

Market Reality Check

$29.48 Last Close

Volume Volume 1,588,636 is 2.0x the 20-day average of 793,603, indicating elevated trading activity ahead of this report. high

Technical Shares at $29.27 are trading below the 200-day MA of $31.78, reflecting a weaker intermediate trend.

Peers on Argus 1 Up

NWS was down 1.31% with mixed peer moves: NWSA (-0.91%), WMG (-2.04%), FOXA (-0.24%) lower, while TKO (+0.49%) and ROKU (+1.48%) gained, suggesting stock‑specific rather than broad sector pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 10	Housing markets outlook	Neutral	+0.3%	Top housing markets for 2026 ranked by price and sales growth.
Dec 09	Lock-in effect study	Neutral	+0.4%	Report on 73.2% spike in payments for homeowners who move.
Dec 08	Monthly housing report	Neutral	-0.9%	Update on November 2025 listing prices, inventory and delistings.
Dec 03	2026 housing forecast	Neutral	+0.1%	Forecast for 2026 housing metrics including sales and rent growth.
Nov 25	New vs existing homes	Neutral	+0.7%	Analysis of narrowing 10.2% price premium for new construction.

Pattern Detected

Recent Realtor.com data releases have produced modest, mixed price reactions between -0.91% and +0.69%, suggesting these thematic housing reports act more as incremental than major catalysts.

Recent Company History

Over the last month, NWS has issued a series of Realtor.com reports focused on housing and affordability trends. Topics included a 2026 Housing Forecast with projected existing‑home sales of 4.13M, a lock‑in effect with payments up 73.2% for movers, and November metrics such as a $415,000 national median list price and 1,072,417 active listings. Another report highlighted a record‑low 10.2% new‑construction price premium. These data‑driven releases frame the latest rental affordability report within a steady stream of market analytics rather than a discrete corporate event.

Market Pulse Summary

This announcement details continued softening in rents, with the national median at $1,693, down 1.0% year over year but still 17.2% above 2019. Only five of the 50 largest metros are affordable for two minimum wage earners under a 30% rent‑to‑income rule, and 43 remain out of reach. For context, NWS has recently issued multiple Realtor.com studies on affordability and housing trends, so investors may watch how this recurring data series supports engagement and advertising across its platforms.

Key Terms

median asking rent financial

"the median asking rent for 0–2 bedroom units fell for the 28th..."

Median asking rent is the middle value of rents landlords are listing for available properties, meaning half of listings ask for more and half ask for less; it uses the midpoint rather than an average to avoid distortion by extremely high or low rents. Investors watch it as a quick snapshot of rental market pricing and demand—like checking the middle price on a shopping list—to gauge income potential, vacancy trends and pressure on rental growth.

rent-to-income rule financial

"and adhere to the 30% rent-to-income rule, only five of the top..."

A rent-to-income rule is a guideline that limits how much of a household’s gross income should be spent on rent, commonly expressed as a percentage (for example, 30%). It matters to investors because it helps indicate whether renters can afford rising rents, affects vacancy and turnover risk for rental properties, and influences consumer spending—think of it as a household budget line that signals how much room people have to absorb rent increases without cutting other spending.

AI-generated analysis. Not financial advice.

Nationwide, rents continue to fall. The national average across the top 50 metro areas slipped to $1,693, down 1.0% from last November.

AUSTIN, Texas, Dec. 16, 2025 /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 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

Methodology

Rental 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.com

View original content:https://www.prnewswire.com/news-releases/realtorcom-rent-report-rental-affordability-improves-for-minimum-wage-earners-302642460.html

SOURCE Realtor.com

FAQ

What is the national median asking rent reported by Realtor.com for Nov 2025 (NWS)?

The national median asking rent across the top 50 metros is $1,693 in November 2025.

How much did national rents change year-over-year in November 2025 (NWS)?

National median rent fell 1.0% year-over-year versus November 2024.

Which metros were affordable for two minimum-wage earners in 2025 (NWS)?

Buffalo, Rochester, St. Louis, Phoenix, and Kansas City were affordable in 2025.

Which metros are expected to become affordable after 2026 minimum-wage increases (NWS)?

Realtor.com projects Detroit and Jacksonville to join the affordable list in 2026.

How does current rent compare to pre-pandemic levels (Nov 2019) for Nov 2025 (NWS)?

Median rent is 17.2% higher than November 2019, despite recent declines.

How many consecutive months have rents declined year-over-year by unit size (NWS)?

Rents have declined year-over-year for 28 months for overall, and up to 30 months for 1- and 2-bedroom units.