Over the past six years, national wage growth and rent growth have largely moved in tandem. Since 2019, both metrics have climbed by roughly 30%, reflecting a housing market that has generally kept pace with rising incomes. Beneath the national averages, however, local market performance tells a much different story.
A growing group of metros has experienced a notable divergence between income gains and rent growth. Using BLS Occupational Employment and Wage Statistics survey data to track wage growth, we wanted to zoom in on the markets where wage growth has outpaced rent increases since the pandemic.
From May 2019 to May 2025, most of Zonda’s major markets (46 out of 66) showed rents growing faster than wages. In about 20 markets, wages grew faster and in 10 markets specifically, cumulative wages grew at least 5% faster than rents during that period.
The insights in this article are just a snippet of a more in-depth research report published in Zonda’s Apartment Outlook.
