The pain: Rent hikes outpaced pay raises in 44 of 50 big U.S. metropolitan areas during the past four years — and in four of six metros from California in this study. The source: My trusty spreadsheet reviewed Zillow’s analysis of the growth in rents vs. increases in average hourly earnings between 2019 and 2023 across the nation. The pandemic economy was not kind to renters. Nationally, rents jumped 30.4 percent over four years vs. pay hikes of 20.2 percent — a 10.
6 percent rent hike vs. 16.2 percent raises — trails by 12.4 points . Los Angeles-Orange County: 22.2 percent rent hike vs. 17.2 percent raises — trails by 5 points . But in the Bay Area — which has suffered significant population outflow in recent years that’s dampened housing demand — wages outpaced rents. San Jose: 6 percent rent hike vs. 12.5 percent raises — ahead by 6.5 points . San Francisco: 3.4 percent rent hike vs. 12 percent raises — ahead by 8.6 points .