Rent Is Outpacing Wages the Most in These 9 Cities

Home-buying is not the only thing burdening dwellers these days.

According to new data from Moody’s Analytics, the current rent-to-income ratio in the U.S. is still pretty wide.

The ratio covers the gap between what residents earn monthly and the amount spent on rent.

With the rent-to-income ratio at 30.2 percent, this means people are spending about 30 percent of their income on rent.

According to data from Moody’s Analytics, the cities experiencing the most rent burden are New York, Miami, Fort Lauderdale, Los Angeles, Palm Beach, Northern New Jersey, Boston, Ithaca, New York, and Flagstaff, Arizona.

How much of your monthly income do you spend on rent? What are the pros and cons of renting as opposed to owning a home?