Economy

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

loading...
loading...

Latest


09 November 2017
Investors Buy Pioneer Natural Resources Company (PXD) on Weakness After Insider Selling
The sales growth rate for a stock is a measure of how the stock's sales per share (SPS) has grown over a specific period of time. Columbus Circle Investors boosted its stake in shares of Pioneer Natural Resources by 689.7% in the second quarter.

09 November 2017
Search continues for 'emotionally disturbed' man in New Haven park
The search crews received help from the Suffolk County Police Department in NY , which used a helicopter. Police were called at 4 p.m. on Wednesday when Manny's parents realized they were not going to find him.

09 November 2017
Tanger Factory Outlet Centers (NYSE:SKT) Has Increase in Shorts
The average investment rating for SKT on a scale of 1 to 5 (1 being a strong sell and 5 being a strong buy) is a 3.13 or a Hold. FMR LLC acquired a new stake in Tanger Factory Outlet Centers during the second quarter valued at approximately $30,625,000.

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
Police detain over 100 in anti-ISIS raids in Turkish capital
Since August a year ago , Istanbul police have carried out over 100 operations and detained almost 1,000 suspects. He has previously confessed to the attack and will go on trial in Istanbul on Dec 11.

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
Bill Clinton discusses politics and the state of America on 'Conan'
When asked whether America had changed a lot since his presidency, Clinton's answer was "yes and no". Because that chilled me to the bone for a second, ' O'Brien said to all that.

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.