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

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


09 November 2017
Anglo American plc (AAL) Receives "Neutral" Rating from Macquarie
With 50,700 avg volume, 8 days are for Farmer Brothers Company (NASDAQ:FARM)'s short sellers to cover FARM's short positions. The Company's producing royalties include Kestrel, Narrabri, Maracas Menchen, El Valle- Boinas/Carles (EVBC) and Four Mile.

09 November 2017
Nefarious designed of anti-Pak elements in Afghanistan will not succeed: FO
Secretary of state Rex Tillerson also noted that the USA views India as a partner for peace in Afghanistan and welcomes India's economic and development assistance efforts.

09 November 2017
Topeka weather for Thursday, Nov. 9, 2017: Sunny but chilly today
This will allow our afternoon highs to warm to the upper 50s/ low 60s. "Actually, we look pretty good next week, " McPike said. Today , it will be sunny with a high near 48, the weather service said, with a north northeast wind around 8 miles per hour .

09 November 2017
Unusual Activity Sighted in Valeant Pharmaceuticals International, Inc. (NYSE:VRX) Shares
For shareholders, given the total diluted outstanding shares of 350.1 million, this means overall earnings per share of -0.11. The stock of Valeant Pharmaceuticals Intl Inc (NYSE: VRX ) earned "Buy" rating by Cantor Fitzgerald on Tuesday, August 29.

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
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
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
Analyzing the Financial Health of Schlumberger Limited (NYSE:SLB)
On a one to five ratings scale where 1.0 indicates a Strong Buy, 2.0 indicates a Buy, 3.0 a Hold, 4.0 a Sell and 5.0 a Stong Sell. With 2.13 million avg volume, 1 days are for Gevo Incorporated (NASDAQ:GEVO)'s short sellers to cover GEVO's short positions.

09 November 2017
Look out for Bangladeshis in Paradise Papers
The CPI expressed its disappointment with the probe and said that "even after 18 months no progress has been made". Its predecessor, the Panama Papers, allegedly revealed the names of some Bangladeshi businessmen and politicians.

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.