After adjusting for inflation, rent in Alaska increased at an annual rate of 0.18% from 1960 to 2020.Data before 1960 is unavailable from 1960 to 2021, rent in Alaska increased at an annual rate of 14.74%.After adjusting for inflation, the median rent in Alaska increased by 7.91% from 2000 to 2021.The 2022 FMR for a 2-bedroom apartment in Alaska was $1,234, up 71.39% from 2000. The average rent by year in Alaska increases much slower than the national average rent inflation rate. After adjusting for inflation, rent in Alabama increased at an annual rate of 4.80% from 1940 to 2021.From 1940 to 2021, rent in Alabama increased at an annual rate of 87.35%.After adjusting for inflation, the median rent in Alabama increased by 1.47% from 2000 to 2021.The 2022 FMR for a 2-bedroom apartment in Alabama was $774, up 73.15% from 2000.The average rent by year in Alabama increases at a rate on par with the national average rent inflation rate. Going back to 1940, Mississippi had the lowest rents and the District of Columbia had the highest rents available.Hawaii also had the highest rents in 2000, but in 1980, Alaska’s rents were the highest nationwide.In 1980, Mississippi had the lowest average rent, whereas in 2000, West Virginia had the lowest rents available.Hawaii has the highest FMR for a 2-bedroom at $2,015.Among states and territories, Puerto Rico has the lowest FMR at $487 or 34% lower than the FMR in Arkansas.Arkansas has the lowest FMR among states at $738 for a 2-bedroom unit.Alaska and Hawaii have had the highest rates since they became states in the mid-20 th Century. Southern states historically have the lowest rental rates. *This figure assumes a standard annual 2-week leave. Rent prices increase 1.94% faster than wages.The value of the average wage increases at an annual rate of 3.12%.That’s a 24.25% increase in the rent-to-income rate in 8 years – an average annual growth rate of 9.69%.In 2012, 22.85% was the average rent as a percentage of household income.Among female wage earners, the average rent is 49.8% of individual income.The average renter spends 45.0% of their income on rent.The median wage among full-time workers nationwide is $1,045 per week or $50,160 annually* before taxes.The rent-to-income ratio, however, indicates rent prices are rising faster than renter incomes. Housing and amenities have changed so much over decades that it makes gauging rental inflation difficult. 1920 had the all-time largest YoY rent increase at 18.42%.1933 saw the all-time largest YoY rent decrease at -13.48%.YoY rent changes have not fallen to a negative rate since 1934.Within the last 50 years, 1980 had the largest YoY rent increase (11.98%), while 2010 had the smallest YoY decrease (0.25%).
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