Economy

Raleigh, Charlotte among top 10 most affordable metros for renters, study says

That's due in part to rising incomes, which are growing at a faster pace than rents in many major metro areas.

In 2016, more than half of Philly renters paid too much of their income on rent.

Census data show that almost half of all USA renters are "cost burdened", or spending 30 percent or more of their income on rent.

"Despite being the most expensive metro in California, San Francisco (#71) actually has the lowest share of cost-burdened renters, due to the high number of well-paid high-income renters, and the fact that numerous lower-income renters have already been pushed out of the metro", said Sydney Bennet, the study's author. Despite this, almost half of all US renters - 49.7 percent nationwide - still pay too much income in rent, the study reports. Meanwhile, the salaries of existing renters have remained pretty stagnant. As a result, 51.5 percent of Denver-area renters now spend 30 percent or more of their income on rent. Renters' wages, though, increased by a mere by 0.3 percent. It depends where you fall on the income bracket, says study author Sydney Bennett.

The Apartment List study found that the share of cost-burdened renters actually dropped in 2016 to its lowest level since 2008. "Unfortunately, it appears that this trend is driven by an increase in the share of high-income renters and decrease in the share of low-income renters, rather than income growth for existing renters". Furthermore, from 2005-2015, post-rent wages for service workers fell by 5.7 percent, and post-rent wages for blue-collar workers fell another 4.3 percent. But bigger cities in the South, along with communities in the Rust Belt and Midwest, are more affordable for renters.

So where are renters the worst off?

Apartment List, an online rental marketplace, used census data on rents and incomes to determine which metropolitan areas were the most affordable for renters in 2016.

A study last month found that buying a home is a smarter move than renting in the Bradenton-Sarasota-North Port area, taking only 2.3 years to break even with the cost of buying a home.



Like this

Latest


09 November 2017
Sean Parker: This Is How We Made Facebook Addicts
Parker says the social networking site exploits human psychological vulnerabilities through a validation feedback loop that gets people to constantly post to get even more likes and comments.

09 November 2017
Michigan Senate OKs concealed guns in schools, bars
The changes are contained in Senate Bills 584-586, both of which passed in Michigan's Republican-controlled Senate on Wednesday. It also wouldn't bar universities from using their constitutional powers to regulate the carrying of guns on their campuses.

09 November 2017
Trump praises 'great folks' in Japan Inc
Officials from Japan want to bring the United States back into the trade pact or create a trade deal between the two nations. Despite that presence, the U.S. still runs a trade deficit with Japan of about US$69 billion.

09 November 2017
Janus Henderson cuts 100 jobs as it races to savings target
Headcount reduction was named in the asset manager's Q3 results as the largest contributor to $72m of savings from cost synergies. Janus Henderson job cuts have contributed to cost synergies exceeding expectations five months on from its merger.

09 November 2017
Tiaa Fsb Cuts Position in Accenture PLC
Clearbridge Ltd Liability Com stated it has 0% of its portfolio in Superior Energy Services, Inc. (NYSE:SPN) for 81,810 shares. The company has its outstanding shares of 638.37M. 1,400 were reported by Cubist Systematic Strategies Ltd Com. (NYSE:SPN).

09 November 2017
Oil markets stumble on a surprise United States crude inventory build-up
The price for January Futures Brent oil cut down by 0,19% to stand at $63,57 per barrel on the London ICE Futures Exchange. Meanwhile, analysts said investors also tended to take profit after oil prices posted solid gains earlier this week.

09 November 2017
Wisconsin wants to lower drinking age to 19
The Republican lawmakers say in a memo seeking co-sponsors that wolves are wiping out deer, livestock and pets. Wisconsin already allows anyone over the age of 18 to drink in restaurants, as long as parents approve.

09 November 2017
Four Russian skiers get life ban from Olympics over alleged doping use
Vylegzhanin won three silver medals during the Sochi Olympics, while three other athletes finished the Games without a medal. Legkov, in his first public comments since being banned, wrote on his Instagram page late on Monday: "My medal is clean".

09 November 2017
Suspect killed in Clinton officer-involved shooting identified
The TBI said the findings of the investigation will be shared with the District Attorney General to be reviewed. A wanted man was killed in an officer-involved shooting in the East Tennessee town of Clinton Wednesday night.

09 November 2017
Microsoft claims high initial demand for Xbox One X
The blog post further says that it is the second version of Xbox One X after the Xbox One X Project Scorpio Edition to sell so well after becoming available.



Recommended