Where Renters Really Pay The Most

Dated: 02/02/2017

Views: 298

Image title


Many cities are facing an affordability crisis when it comes to renting. In some places, renters are faced with paying more than 50 percent of their income to housing. And the problem stands to get much worse, according to AppFolio, a cloud-based property management software company. By 2025, about 16 million people in the U.S. will be considered rent-burdened, the firm says.

AppFolio culled data from Axiometrics, an independent rental research firm, to analyze effective rent growth and average monthly rent figures in the 20 largest cities. Affordability calculations were made based on the percentage of average monthly household income that is put toward the average monthly apartment rent. (Note: The average monthly cost to rent an apartment listed is based on all units, not just one-bedroom apartments.)

Here’s how much renters are devoting from their paychecks on rent:

  1. New York, N.Y.: 59% (the percentage of monthly income spent on rent)

  2. Miami, Fla.: 53%

  3. Los Angeles, Calif.: 47%

  4. San Francisco, Calif.: 36%

  5. Boston, Mass.: 45.5%

  6. Philadelphia, Pa.: 43%

  7. Detroit, Mich.: 39%

  8. Chicago, Ill.: 35%

  9. Baltimore, Md.: 33%

  10. Seattle, Wash.: 30%

  11. Minneapolis, Minn.: 29%

  12. Portland, Ore.: 29%

  13. Denver, Colo.: 28%

  14. Washington, D.C.: 27%

  15. Atlanta: 23%

  16. Austin, Texas: 23%

  17. Phoenix, Ariz.: 22%

  18. Indianapolis, Ind.: 21%

  19. Raleigh, N.C.: 21%

  20. Las Vegas, Nev.: 20%

Source: “How Affordable Are These 20 Popular U.S. Cities, Really?” AppFolio (Jan. 31, 2017)


http://realtormag.realtor.org/daily-news/2017/02/02/where-renters-really-pay-most

Want to Advertise on this Site?

Latest Blog Posts

25th Annual Cinco De Mayo Downtown Phoenix Festival

Don’t miss one of the largest multicultural festivals in Arizona. Head to 200 W. Washington Street between 12pm-10pm to celebrate Mexico’s victory over the French Army

Read More

Florence Named Arizonas Safest City

FLORENCE — Florence has been named Arizona’s safest city for 2018 by the website HomeSnacks.The website, which reports recent data, videos and thoughts on local culture, called Florence “a

Read More

Johnson Utilities Seeks 23 Percent Rate Increase

By HEATHER SMATHERS Staff Writer  Jan 23, 2018SAN TAN VALLEY — A Pinal County utility provider is asking state regulators to allow it to increase customers' rates.Johnson Utilities has

Read More