Study: Rochester has one of the largest gaps in rent and wage increases

A recent study highlights Rochester, NY, as having one of the largest disparities between rent and wage increases in the nation. From 2022 to 2023, Rochester saw a 5.73% rise in median rent, while wages only grew by 3.17%. This imbalance places Rochester fifth on the list of cities where rent outpaced wage growth the most, with 38% of renters nationwide reporting financial strain due to high rent costs.

Research Specialist Rebecca Sowell attributes the rent increases to high demand, limited supply, and an unregulated market. She suggests building more homes to improve housing affordability. Erik Frisch, Rochester’s Deputy Commissioner of Neighborhood and Business Development, noted that nearly 2,000 new housing units are in development, and 1,000 affordable units are being replaced or preserved.

Frisch emphasizes that addressing the city’s rent issues also requires improving incomes by attracting large businesses, supporting small businesses, and ensuring residents have the necessary skills for higher-paying jobs.

Source: Rochester First