A new study by Redfin found that renters need to earn $63,680 to afford the median asking rent of $1,592 for an apartment in the United States, the lowest amount needed since March 2022. The national average is down 0.4% from a year ago and a further drop of 6.4% from August 2022, when the median asking rent hit an all-time high of $1,700. In the summer of 2022, someone renting would need to earn $68,000 to afford the typical apartment, which is nearly $5,000 more than today.

While the study shows that the typical renter earns enough to afford the median rent in 15 of the 44 major metros, the Philadelphia metro is not one of them. The Philadelphia area finds itself among the 10 least affordable metros for renters.

The median asking rent at the end of 2024 in the Philadelphia region was $1,865, with a median income to afford that rent at $74,900. According to the study, the average median income of a renter in the Philadelphia Metro is $58,970, which means the average median income is 20.95% below the median asking rent.

The top three most affordable metros for renters are all in Texas: Austin, Houston, and Dallas.

You can find the full study here, which includes its methodology.