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Realtor.com® November Rental Report: Even with Rent Declines, Minimum Wage Earners Need Extended Hours to Afford Rents

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To afford the median rent, two minimum wage earners would have to each work 82 hours per week in Nashville, Tenn., 79 hours in Austin, Texas and 77 hours in Dallas, three metros that saw the largest decline in rent prices

SANTA CLARA, Calif., Dec. 16, 2024 /PRNewswire/ — Rents declined in November, falling by -1.1% year over year to a median of $1,703, according to the Realtor.com® November Rental Report released today. Despite the dip in rents, affordability remains a concern, with minimum wage earners requiring extended working hours to afford a typical rental unit in 44 of the top 50 metros in the United States.

“Lower rents, combined with stable or increased minimum wages, have offered a break to renters in some metro areas this year, though many minimum wage earners still struggle to find affordable rents,” said Danielle Hale, chief economist at Realtor.com®. “With minimum wages set to increase in more than half of the top 50 markets next year, and a projected 0.1% annual decline in median asking rents in 2025, we expect some further relief in the coming year; however, more new construction is still one of the biggest levers we have to help with affordability.”

To better understand the hurdles faced by hourly workers in today’s rental market, this month, Realtor.com® analyzed how many hours per week a renter would need to work at local minimum wage rates to afford a typical 0-2 bedroom home. Among the top 10 markets with the largest year-over-year rent declines in November, fewer working hours were required to afford the median rent compared to the same time last year. Yet only in Denver and Phoenix could two minimum wage earners each work 40 hours or less per week and affordably split the median rent for a 0-2 bedroom unit.

Market

Median 
Asking
Rent,

Nov. 2024 

Y/Y Change 

Annual HH
Income Needed 
to Afford a 0-2
Bedroom, Nov
2024

Minimum 
Wage 2024 

Work Hours 
per Renter per 
Week at
Minimum
Wage, Nov.
2024

Diff. in Hours 
(Nov. 2024 vs. 
2023)

Denver-Aurora-Lakewood, CO

$1,808

-6.7 %

$72,320

$18.29

38

-5

Memphis, TN-MS-AR

$1,186

-6.2 %

$47,440

$7.25

63

-4

Nashville-Davidson–Murfreesboro–
Franklin, TN

$1,542

-5.6 %

$61,680

$7.25

82

-5

Austin-Round Rock-Georgetown, TX

$1,486

-4.7 %

$59,440

$7.25

79

-4

San Francisco-Oakland-Berkeley, CA

$2,711

-4.5 %

$108,440

$16.00

65

-5

Dallas-Fort Worth-Arlington, TX

$1,453

-4.4 %

$58,120

$7.25

77

-4

San Diego-Chula Vista-Carlsbad, CA

$2,726

-4.3 %

$109,040

$16.85

62

-5

Phoenix-Mesa-Chandler, AZ

$1,503

-4.1 %

$60,120

$14.35

40

-4

Birmingham-Hoover, AL

$1,236

-3.6 %

$49,440

$7.25

66

-2

San Antonio-New Braunfels, TX

$1,242

-3.5 %

$49,680

$7.25

66

-2

Minimum wage earners need to work extended hours to afford rents
To keep their half of the rent at an affordable 30% of their budgets, two minimum wage earners would have to each work 82 hours per week in Nashville, Tenn., 79 hours in Austin,Texas and 77 hours in Dallas, despite large year-over-year rent declines. The affordability crunch is worst in markets that are subject to the federal minimum wage of $7.25 per hour. But in San Francisco, where the minimum wage is $16, and San Diego, where it’s $16.85, workers would still need to work 65 and 62 hours per week respectively to afford the median rent. By contrast, in Denver and Phoenix, two minimum wage earners would each need to work 38 and 40 hours per week respectively to afford the median rent.

Higher minimum wages and falling rents point to continued relief in 2025
Minimum wages will rise in 23 of the top 50 markets on Jan. 1, 2025, while additional markets will see increases later in 2025. If rents hold steady, eight of those markets are expected to see at least a two-hour reduction in weekly working hours at minimum wage needed to afford rent. In both St. Louis and Kansas City, Mo., where the minimum wage is due to rise to $13.75 per hour from $12.30, two workers earning that wage will each need to work four hours less per week to afford the median rent. Minimum wage earners will need to work two hours less in six markets: Sacramento, Calif., Virginia Beach, Va., Riverside, Calif., San Francisco, New York, and San Jose, Calif.

Rents decline across all unit sizes
Rents for 0-2 bedroom units fell on a year-over-year basis for the 16th straight month in November, dropping by $19 (-1.1%) to $1,703. That’s $17 less than last month and $57 lower than its August 2022 peak. It’s still $261 (18.1%) higher than the same period in 2019, before the pandemic.

Units of all sizes saw rents fall in November, with smaller units continuing to show larger declines. The median rent for studios fell -1.6% year-over-year, to $1,423. That’s down -4.5% from its peak in October 2022 but 12% higher than five years ago. Rent for one-bedroom units dipped -1.2% to $1,585, representing a -4.4% decline from its August 2022 peak but still 16.4% higher than five years ago. And the median rent for two-bedroom units declined by -1.1% to $1,886, a drop of -3.8% from its August 2022 peak. That’s 20.2% higher than five years ago.

Despite sixteen months of declines, the U.S. median rent was just $57 (-3.2%) less than the peak seen in August 2022. Notably, it was still $261 (18.1%) higher than the same time in 2019 (pre-pandemic), but this increase is roughly on par with what has occurred in overall consumer prices (up 22.7% in the five years ending November 2024) and pales in comparison to the 49.7% increase in median price-per-square-foot of for-sale home listings in the five years ending November 2024.

National Rental Data – November 2024

Unit Size 

Median Rent 

Rent YoY 

Rent Change – 5 years 

Overall

$1,703

-1.1 %

18.1 %

Studio

$1,423

-1.6 %

12.0 %

1-bed

$1,585

-1.2 %

16.4 %

2-bed

$1,886

-1.1 %

20.2 %

50 Largest Metropolitan Areas – November 2024

Metro

Median 
Asking Rent 

YOY Change 

Minimum Wage 2024 

2024 Work Hours per Renter 
per Week at Minimum Wage

Atlanta-Sandy Springs-
Alpharetta, GA

$1,576

-3.1 %

$7.25

84

Austin-Round Rock-
Georgetown, TX

$1,486

-4.7 %

$7.25

79

Baltimore-Columbia-
Towson, MD

$1,812

-0.2 %

$15.00

46

Birmingham-Hoover, AL

$1,236

-3.6 %

$7.25

66

Boston-Cambridge-Newton,
MA-NH

$2,942

-1.0 %

$15.00

75

Buffalo-Cheektowaga, NY

NA

NA

NA

NA

Charlotte-Concord-
Gastonia, NC-SC

$1,519

-2.7 %

$7.25

81

Chicago-Naperville-Elgin,
IL-IN-WI

$1,793

-2.7 %

$16.20

43

Cincinnati, OH-KY-IN

$1,365

2.6 %

$10.45

50

Cleveland-Elyria, OH

$1,193

-3.0 %

$10.45

44

Columbus, OH

$1,190

0.2 %

$10.45

44

Dallas-Fort Worth-Arlington,
TX

$1,453

-4.4 %

$7.25

77

Denver-Aurora-Lakewood,
CO

$1,808

-6.7 %

$18.29

38

Detroit-Warren-Dearborn,
MI

$1,316

-0.8 %

$10.33

49

Hartford-East Hartford-
Middletown, CT

NA

NA

NA

NA

Houston-The Woodlands-
Sugar Land, TX

$1,375

-1.4 %

$7.25

73

Indianapolis-Carmel-
Anderson, IN

$1,288

-0.8 %

$7.25

68

Jacksonville, FL

$1,523

-1.1 %

$13.00

45

Kansas City, MO-KS

$1,342

1.1 %

$12.30

42

Las Vegas-Henderson-
Paradise, NV

$1,479

-0.8 %

$12.00

47

Los Angeles-Long Beach-
Anaheim, CA

$2,789

-1.4 %

$17.28

62

Louisville/Jefferson County,
KY-IN

$1,245

0.6 %

$7.25

66

Memphis, TN-MS-AR

$1,186

-6.2 %

$7.25

63

Miami-Fort Lauderdale-
Pompano Beach, FL

$2,353

-1.1 %

$13.00

70

Milwaukee-Waukesha, WI

$1,613

-0.2 %

$7.25

86

Minneapolis-St. Paul-
Bloomington, MN-WI

$1,516

0.1 %

$15.57

37

Nashville-Davidson–
Murfreesboro–Franklin, TN

$1,542

-5.6 %

$7.25

82

New Orleans-Metairie, LA

NA

NA

NA

NA

New York-Newark-Jersey
City, NY-NJ-PA

$2,905

2.0 %

$16.00

70

Oklahoma City, OK

$1,023

1.6 %

$7.25

54

Orlando-Kissimmee-
Sanford, FL

$1,680

-0.9 %

$13.00

50

Philadelphia-Camden-
Wilmington, PA-NJ-DE-MD

$1,761

-1.1 %

$7.25

93

Phoenix-Mesa-Chandler,
AZ

$1,503

-4.1 %

$14.35

40

Pittsburgh, PA

$1,440

-0.9 %

$7.25

76

Portland-Vancouver-
Hillsboro, OR-WA

$1,687

1.6 %

$15.00

43

Providence-Warwick,
RI-MA

NA

NA

NA

NA

Raleigh-Cary, NC

$1,512

-1.4 %

$7.25

80

Richmond, VA

$1,478

-1.3 %

$12.00

47

Riverside-San Bernardino-
Ontario, CA

NA

NA

NA

NA

Rochester, NY

$1,319

4.3 %

$15.00

34

Sacramento-Roseville-
Folsom, CA

$1,902

1.7 %

$16.00

46

San Antonio-New Braunfels,
TX

$1,242

-3.5 %

$7.25

66

San Diego-Chula Vista-
Carlsbad, CA

$2,726

-4.3 %

$16.85

62

San Francisco-Oakland-
Berkeley, CA

$2,711

-4.5 %

$16.00

65

San Jose-Sunnyvale-Santa
Clara, CA

$3,314

2.6 %

$17.55

73

Seattle-Tacoma-Bellevue,
WA

$1,971

-2.3 %

$19.97

38

St. Louis, MO-IL

$1,323

1.1 %

$12.30

41

Tampa-St. Petersburg-
Clearwater, FL

$1,713

-1.7 %

$13.00

51

Virginia Beach-Norfolk-
Newport News, VA-NC

$1,500

-0.6 %

$12.00

48

Washington-Arlington-
Alexandria, DC-VA-MD-WV

$2,255

2.0 %

$17.50

50

Methodology
Rental data as of November 2024 for studio, 1-bedroom, or 2-bedroom units advertised as 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 top 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

To determine the minimum wage at the metro level, we use the minimum wage of the principal city as a representative figure for the metro area. If the principal city does not have a local minimum wage policy, the state-level minimum wage is applied. In cases where the state does not have a minimum wage regulation, the Federal minimum wage of $7.25 per hour is used. Minimum wage data is sourced from ADP.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact: Mallory Micetich, press@realtor.com 

View original content:https://www.prnewswire.com/news-releases/realtorcom-november-rental-report-even-with-rent-declines-minimum-wage-earners-need-extended-hours-to-afford-rents-302332033.html

SOURCE Realtor.com

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MagFone Christmas & New Year Sale: Unbeatable Discounts for the Holiday Season

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The festive season is upon us, and MagFone is here to make your holidays even brighter with an exclusive Christmas & New Year sale! From incredible discounts on best-selling products to special deals on new products, MagFone is the ultimate destination for holiday shopping. From December 18, 2024 to January 6, 2025, this sale offers up to 80% off discount for everyone. Let’s dive into the details of the most awaited sale of the year.

HONGKONG, Dec. 21, 2024 /PRNewswire-PRWeb/ — What Can You Get from MagFone Christmas & New Year Sale?

New arrival – Location Changer is only $1.99 to everyone in this MagFone Christmas & New Year Grand sales. Moreover, everyone can enjoy up to 80% OFF.

1. Best-Selling Products at Up to 70% OFF

Resolving various iOS system issues or unlocking locked Apple devices like iPhone and iPad by yourself at home with MagFone’s flagship products, now available at unbeatable prices. Best-selling products such as iPhone Unlocker, Activation Unlocker, and iOS System Recovery are up for grabs with discounts of up to 70% off. Don’t miss out on this chance to get MagFone’s best-selling products at jaw-dropping prices.

MagFone iPhone Unlocker at $20.95/month and $41.95/lifetime.MagFone Activation Unlocker at $20.95/month and $41.95/lifetime.MagFone iOS System Recovery at $17.95/month and $48.95/lifetime.

2. New Arrival to Get with Only $1.99

Whether you want to change your location on your mobile device or simulate GPS movement in various games, MagFone’s new product – Location Changer – is perfect for you. Designed for both iOS and Android users, this tool comes equipped with advanced location changing features, flexible movement speed, and customizable route. With only $1.99, it is a must-have for this Christmas sale if you have the demand to change your device location.

3. 4-in-1 Bundle to Maximize Your Savings

MagFone values all loyal customers and offers exclusive pers during the Christmas & New Year sale. A super 4-in-in bundle is at reduced prices, which enables you to get all products from MagFone with an 80% off discount. This bundle includes all the tools you need, whether you’re looking to resolve various system problems and unlocking issues or change iPhone and Android device’s location. Don’t miss this chance to get all MagFone products at unbeatable prices.

MagFone Christmas & New Year Sale is a limited-time event, running from December 18, 2024 to January 6, 2025. With discount this good, products are expected to get at the lowest price this year. Don’t wait until the last minute—start shopping now to get MagFone products at the best deals.

About MagFone:

MagFone is redefining tech innovation with state-of-the-art technology and intuitive design. Whether their flagship products like iPhone Unlocker or newly-released tools like Location Changer, MagFone products are built for performance and flexibility.

YouTube: https://www.youtube.com/@magfone

Facebook: https://www.facebook.com/magfone/

X: https://x.com/magfone

Media Contact

Olivia Wood, MagFone, 86 19186985874, support@magfone.com, https://www.magfone.com/

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Dr. Ashley Milhizer Sees 300% Growth in 2024 at Real Results Medical & Aesthetics

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After nearly two years in business, Dr. Ashley Milhizer’s Tempe-based center for naturopathic medicine and aesthetics has experienced the type of growth that rival industry titans. Real Results Medical & Aesthetics – soon to be opening a second location in Scottsdale in early 2025 – has seen an impressive 300% growth since opening their doors in March 2023.

TEMPE, Ariz., Dec. 21, 2024 /PRNewswire-PRWeb/ — After nearly two years in business, Dr. Ashley Milhizer’s Tempe-based center for naturopathic medicine and aesthetics has experienced the type of growth that rival industry titans. Real Results Medical & Aesthetics – soon to be opening a second location in Scottsdale in early 2025 – has seen an impressive 300% growth since opening their doors in March 2023.

Aside from patient referrals and cutting-edge technology, Milhizer credits social media as one of the biggest avenues for growth. “Between TikTok and Instagram we’ve amassed over 25,000 followers and that accounts for about 70% of our new business.”

Aside from patient referrals and cutting-edge technology, Milhizer credits social media as one of the biggest avenues for growth. “Between TikTok and Instagram we’ve amassed over 25,000 followers and that accounts for about 70% of our new business,” said Dr. Ashley Milhizer, Founder of Real Results Medical & Aesthetics.

On both platforms, Dr. Milhizer shares educational videos and insights into various medical & aesthetic procedures. Her engaging content not only highlights the quality of care she provides but also educates her audience on the latest trends and treatments in the field.

Originally from Michigan, and a graduate of UC Davis and the Southwest College of Naturopathic Medicine & Health Sciences, it was Dr. Milhizer’s personal experience in seeing how natural remedies can significantly impact the body that inspired her to get into the field.

“While I was in school, a friend of mine was diagnosed with stage 3 cancer and was given up to 18 months to live and I became determined to research every kind of remedy that could potentially help,” said Dr. Milhizer. “From a healthy diet, supplements and a host of other naturopathic strategies, we tried everything we could find and two months later he was in remission, and he’s still alive today.”

The power of naturopathic remedies, following an early career path in sports medicine – which enabled her to work with some of the state’s top professional athletes – is what led her to forming Real Results Medical & Aesthetics. The company’s broad depth of services is also what allowed her to expand her reach of clientele beyond athletes to everyone from the Valley’s elite CEOs and stay at home Moms to patients ranging from their early 20s to upper 80s.

The naturopathic services offered at Real Results Medical & Aesthetics include hormone optimization, peptide therapy, IV therapy, natural pain relief, weight loss, food allergy testing and overall diagnostic testing. While the aesthetics side of the business offers services such as hair restoration, skin resurfacing, botox, fillers, microneedling, RF Plasma skin resurfacing, laser treatments, vein removal and body contouring.

For more information on Real Results Medical & Aesthetics, visit www.realresultsmedical.com or call/text 480.245.5636. For ongoing news, updates and service offerings, follow Dr. Milhizer on Facebook, Instagram and LinkedIn.

Media Contact

Kendra Riley, Real Results Medical & Aesthetics, 1 4802206051, kendra@dawningpr.com 

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ICEYE expands its Earth Observation capabilities with launch of two SAR satellites for mid-inclination orbit on the Bandwagon-2 mission with SpaceX

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Mid-inclination orbit provides more SAR-imaging opportunities at middle latitudes of the globe for ICEYE customers.

HELSINKI, Finland, Dec. 21, 2024 /PRNewswire/ — ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, announced today that it has launched two new satellites to its constellation of SAR satellites. Both satellites expand the availability of ICEYE’s latest imaging technology to deliver additional 25 cm imaging capacity. The satellites were integrated via Exolaunch and launched as part of the Bandwagon-2 rideshare mission with SpaceX from Vandenberg Space Force Base in California, USA. Both satellites have established communication, and early routine operations are underway. With today’s launch, ICEYE has successfully launched 40 satellites into orbit since 2018, with nine satellites launched in 2024 alone.

The new SAR satellites were launched into mid-inclination orbits; compared to a polar orbit, these mid-inclination orbits provide more than twice the collection opportunities at middle latitudes of the globe. ICEYE customers have many areas of interest in these middle latitudes (+/- 45 degrees), and these customers will benefit from increased persistence over these regions. Customers with imaging interests outside these middle latitudes will continue to benefit from the frequent revisit enabled by ICEYE’s dozens of satellites in polar orbits. ICEYE’s unique mix of mid-inclination and polar orbits provides its customers with deep revisit capabilities for targets all around the globe. The new satellites will serve ICEYE’s commercial missions as part of the world’s largest SAR satellite constellation owned and operated by ICEYE.

Rafal Modrzewski, CEO and Co-founder of ICEYE said: “This launch marks another significant milestone in ICEYE’s ability to provide our customers with a rich diversity of collection opportunities. We bolster our industry-leading SAR constellation and expand our customers’ collection opportunities in the areas most important to them.”

Today’s launch is another step forward in ICEYE’s steady drumbeat of innovative breakthroughs in Earth Observation. This year alone, ICEYE has, for example, introduced Dwell Precise, a new 25 cm imaging mode that offers its customers the highest-fidelity 25cm imaging capability, and adds advanced capability to ICEYE’s line of Dwell products; launched an API that allows customers to directly task its SAR satellite constellation; and launched ICEYE Ocean Vision to provide actionable intelligence for maritime domain awareness.

About ICEYE

ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before.

Owning the world’s largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable high-quality data, day or night, even in challenging environmental conditions. As a trusted partner to governments and commercial industries, ICEYE delivers intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development.

ICEYE operates internationally with offices in Finland, Poland, Spain, the UK, Australia, Japan, UAE, Greece, and the US.  We have more than 700 employees, inspired by the shared vision of improving life on Earth by becoming the global source of truth in Earth Observation.

Media contact: press@iceye.com

Visit www.iceye.com and follow ICEYE on LinkedIn and X for the latest updates and insights.

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