A new study released by Zillow found that high-end apartments are more affordable for high-income workers than relatively less expensive apartments are for low-income workers. This affordability gap has expanded from about 40% in 2011 to 45% today.
The authors found that this disparity is in part explained by the gap in income growth between high and low-income employees. It is also explained by the increased number of renters in the multi-family housing market and increased competition to attract high-end tenants.
The analysis compared rent affordability for the top and bottom third of earners in 15 metropolitan areas. The metro areas with the largest gaps in affordability were Miami, Los Angeles, and Boston.
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