Only in Denver, where the minimum wage is $18.29 and a household income of $72,320 is needed to pay the median rent of $1,808, could each family member work less than 40 hours in November – 38 hours – five hours fewer than the previous year.

The other exception was Phoenix, where two workers could get by on 40 hours at a minimum wage of $14.35 per hour with a household income of $60,120 to pay a median rent of $1,503.

Even in San Francisco, with a minimum wage of $16 per hour and a household income of $108,440, two full-time workers would each need to put in 65 hours a week, while in San Diego, at $16.85 an hour and a household income of $109,040, it would take 62 hours a week for each worker.

The worst discrepancies between the number of per person work hours required to pay rent and the minimum wage were in the many cities governed by the minimum federal wage of $7.25 an hour. Besides, Nashville, Austin and Dallas, that group includes Memphis (63 hours), Birmingham (66 hours), and San Antonio (66 hours).

In each case, rents had fallen year-over-year by 3.5% to 6.7%. And despite a national dip in rents, in 44 of the top 50 metros studied it would take extended working hours to afford a typical rental unit, Realtor.com found. Minimum wage data was sourced from ADP.

"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," said Danielle Hale, chief economist at Realtor.com.

The dip in rents, while helpful, would mean only a minimal drop in the hours each person would need to work – in many cases only two to four hours less per week. And even though rents declined in November, they generally remain well above levels before the pandemic.

November’s higher median rent occurred even though nationally median rent for 0–2-bedroom units fell for the 16th straight month by 1.1% to $1,703, rent for studios fell 1.6% to $1,423, one-bedroom units fell 1.2% to $1,585, and rent for two-bedroom units fell 1.1% to $1,886.

“Despite sixteen months of declines, 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),” the report said. The increase was approximately the same as the increase in the consumer price index over five years, and well below the 49.9% rise in median per square foot prices for home sales, it noted.