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Consumer Discretionary : Internet & Direct Marketing Retail | Small Cap Value
Company profile

Stitch Fix, Inc. is an online personalized styling service company. The Company operates primarily in the United States and United Kingdom. The Company combines the human touch of stylists with the precision of advanced data science to make online personal styling accessible to everyone. The Company serves its clients in categories, such as women's, petite, maternity, men's, kids, and plus apparel, as well as shoes and accessories. The Company leverages its data science through a custom-built, Web-based styling application that provides recommendations to its stylists from its selection of merchandise. It also gathers a range of merchandise data, such as inseam, pocket shape, silhouette, and fit. Its clients can engage in receiving a personalized shipment of items informed by its algorithms and sent by a Stitch Fix stylist (a Fix). Its clients can purchase directly from its Website or mobile app based on a personalized assortment of outfit and item recommendations.

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Renters now need to work six hours more to pay rent than before the pandemic

8:00 am ET November 21, 2022 (PR Newswire) Print

The average American needs to work 63 hours to pay monthly rent

-- Americans making an average wage need to work for 62.6 hours to pay the typical U.S. monthly rent.

-- Over the past five years, rents have grown 36.9%, while the average wage is up only 23%.

-- Renters in Miami need to work three full-time days more than they did five years ago to earn enough to pay the typical rent in that metro area.

An American making an average wage needs to work about 63 hours before earning enough to pay the typical monthly U.S. rent of $2,040. That is three hours more than they would have needed to work a year ago, and six hours more than before the pandemic in October 2019, a new Zillow(R) analysisfinds1.

These figures illustrate the growing affordability hurdles renters face, even amid what has been a strong labor market. The average hourly wage has grown 23% over the past five years, but rents are up 36.9% over the same period.

"The rental market has cooled this year, but so far that has meant prices growing more slowly, not any real relief for renters," said Jeff Tucker, senior economist at Zillow. "Rents were growing at a record pace for much of 2021, squeezing budgets for renters moving or renewing leases. Now, it appears more people are opting to double up with roommates or family, which means more vacancies and pressure on landlords to price their units competitively, offering some hope of relief on the horizon. Rents fell last month for the first time in two years, possibly the start of more price drops to come, or at least a signal that we are back to the usual seasonal rhythms of the rental market."

The typical U.S. rentfinally ended a two-year streak of nonstop growth in October, falling 0.1% month over month to $2,040. Annual rent growth peaked at a record 17.1% in February, and has since slowed to 9.6% year-over-year growth.

Renters in Miami face the greatest affordability hurdles, needing to work 96 hours at the average wage to pay the typical rent. That is 24 hours more than Miami renters would have needed to work to pay rent five years ago, the biggest gap among the 50 largest U.S. metro areas.

Other Sun Belt markets — the hottest housing region during the pandemic — have seen similarly large jumps in hours of work needed to pay rent. An average worker in Tampa would need to work an additional 20 hours to pay rent compared to five years ago. Phoenix rents are up 66.7% since 2017, the most in the country among large markets, and renters need to work 17 hours more to pay rent.

Even after steep rent hikes, hours of work needed to afford rent remain below the national average of 63 hours in several Sun Belt markets. This includes Atlanta (61 hours), Phoenix (61 hours), Nashville (60 hours) and Austin (58 hours), among others. While longtime residents will see a much different picture than they may have been used to, these markets still offer relative affordability and are likely to continue to attract residents from more expensive areas of the country.

Rents have gotten easier to pay over the past five years in only three large metros, and they are among the most expensive in the country: San Jose, Boston and San Francisco. Rents have grown more slowly than average in these markets, helping wages catch up just a bit. Even after the slight drop since 2017, the average person would need to work more hours to pay rent than the national average in each of these markets.

In addition to affordability challenges, Zillow research has revealed that the search process has caused 40% of renters to lose sleep. Strategies such as being flexible about move-in date and being one of the first applicants have helped recent renters find a placeto live. Zillow has tools designed to help renters search with confidence in their area, including a rent affordability calculator, rental market trends tooland a move-in date filter.

Metro Area*              Hours of       Typical Rent Five-Year Five-Year Five-Year Change
                         Work Needed to (October     Change    Change    (Hours of Work
                         Pay Rent**     2022)        (Typical  (Average  Needed to Pay
                                                     Rent)     Wage)     Rent)
United States            62.6           $2,040       36.9%     23.0%     6.3
New York, NY             87.0           $3,212       23.3%     18.1%     3.5
Los Angeles, CA          80.6           $2,979       32.9%     28.6%     1.7
Chicago, IL              55.4           $1,869       20.7%     17.6%     1.4
Dallas-Fort Worth, TX    55.6           $1,855       40.1%     24.8%     6.1
Houston, TX              52.4           $1,613       24.5%     12.9%     4.9
Washington, DC           56.3           $2,257       20.1%     17.8%     1.1
Miami, FL                95.9           $2,827       59.5%     18.9%     24.3
Philadelphia, PA         53.2           $1,793       28.5%     17.2%     4.7
Atlanta, GA              60.8           $2,002       54.0%     16.4%     14.8
Phoenix, AZ              60.6           $1,938       66.7%     19.2%     17.2
Boston, MA               64.7           $2,806       22.4%     23.3%     -0.3
San Francisco, CA        72.7           $3,199       15.0%     16.3%     -1.2
Riverside, CA            90.5           $2,584       53.8%     24.4%     17.3
Detroit, MI              43.7           $1,460       36.2%     27.9%     2.7
Seattle, WA              56.3           $2,285       29.4%     12.4%     7.4
Minneapolis-St. Paul, MN 46.1           $1,632       21.2%     20.3%     0.3
San Diego, CA            85.5           $3,105       46.9%     27.0%     11.6
Tampa, FL                69.2           $2,135       65.5%     17.1%     20.1
Denver, CO               54.9           $2,028       30.1%     28.2%     0.8
St. Louis, MO            37.1           $1,273       31.3%     31.2%     0.0
Baltimore, MD            53.7           $1,798       22.7%     21.8%     0.4
Charlotte, NC            54.8           $1,824       46.4%     19.4%     10.1
Orlando, FL              67.0           $2,045       53.9%     28.2%     11.2
San Antonio, TX          55.1           $1,518       32.9%     21.2%     4.8
Portland, OR             54.3           $1,949       30.3%     28.1%     0.9
Sacramento, CA           67.6           $2,326       41.2%     21.8%     9.3
Las Vegas, NV            64.7           $1,832       55.9%     25.2%     12.8
Pittsburgh, PA           45.1           $1,338       27.0%     16.7%     3.7
Austin, TX               58.0           $1,912       42.6%     17.5%     10.2
Cincinnati, OH           48.9           $1,505       41.9%     19.9%     7.6
Kansas City, MO          45.9           $1,364       36.8%     12.4%     8.2
Columbus, OH             52.5           $1,509       39.3%     15.6%     8.9
Indianapolis, IN         50.4           $1,483       44.8%     9.6%      12.3
Cleveland, OH            43.6           $1,370       31.3%     21.1%     3.4
San Jose, CA             66.3           $3,341       15.7%     18.1%     -1.4
Nashville, TN            59.9           $1,906       40.7%     26.0%     6.3
Virginia Beach, VA       56.3           $1,648       35.5%     19.6%     6.6
Providence, RI           62.3           $1,986       50.4%     21.9%     11.8
Jacksonville, FL         55.7           $1,810       53.5%     17.3%     13.1
Milwaukee, WI            37.4           $1,243       24.5%     19.5%     1.5
Oklahoma City, OK        45.5           $1,316       29.9%     22.9%     2.5
Raleigh, NC              55.5           $1,793       42.4%     18.1%     9.4
Memphis, TN              54.7           $1,501       49.0%     23.3%     9.5
Richmond, VA             51.1           $1,613       40.2%     28.6%     4.2
New Orleans, LA          53.6           $1,527       27.4%     13.8%     5.7
Louisville, KY           46.2           $1,293       33.4%     22.2%     3.9
Salt Lake City, UT       52.0           $1,764       45.1%     24.0%     7.5
Hartford, CT             47.5           $1,707       30.5%     13.4%     6.2
Buffalo, NY              41.4           $1,255       35.1%     22.5%     3.9
Birmingham, AL           44.0           $1,326       31.5%     22.1%     3.1
*Table ordered by market size
**The U.S. estimate uses October 2022 rent and wage data. Estimates for each metro area use September 2022 rent and wage data. October 2022 wage data is not yet available at the metro level.
1 Estimates for hours of work needed to pay rent use average hourly earnings data from the U.S. Bureau of Labor Statistics (source: and rent data according to the ZIllow Observed Rent Index. The U.S. estimate uses October 2022 rent and wage data. Estimates for each metro area use September 2022 rent and wage data. October 2022 wage data is not available at the metro level at the time of this release.

AboutZillow GroupZillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow(R) and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.

Zillow Group's affiliates and subsidiaries include Zillow(R); Zillow Premier Agent(R); Zillow Home Loans™; Zillow Closing Services™; Trulia(R); Out East(R); StreetEasy(R); HotPads(R); and ShowingTime+™, which houses ShowingTime(R), Bridge Interactive(R), and dotloop(R). Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (

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