The top 10 US cities where rents have increased the most

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The top 10 US cities where rents have increased the most

Shawn M. Carter| @shawncarterm

Some U.S. cities are known for expensive housing: In San Francisco, the median rent is $4,500. In New York, it’s $2,875. That’s compared to the national median of $1,637.

And while rents in other cities haven’t quite reached those levels, they are certainly increasing. That’s according to financial website SmartAsset, which used data from the U.S. Census Bureau to identify where prices are trending upward.

“To rank the places with the largest rent increases,” the study says, “we looked at 50 U.S. cities,” and compared their 2014 rent as a percent of household income to their 2017 rent under the same parameters. “To create the final rankings, we subtracted the 2017 rent as a percent of household income from the 2014 rent as a percent of household income.”

The cities where the relative cost of rent went up the most ranked first. The cities on the other end of the spectrum ranked last.

 

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Detroit, Michigan

2014 fair market rent: $792

2014 percent of median household income: 36.9

2017 fair market rent: $1,180

2017 percent of median household income: 46.7

Percent change: 9.8

 

New Orleans, Louisiana

2014 fair market rent: $1,162

2014 percent of median household income: 39.3

2017 fair market rent: $1,492

2017 percent of median household income: 48.4

Percent change: 9.1

 

Long Beach, California

2014 fair market rent: $1,580

2014 percent of median household income: 34.8

2017 fair market rent: $2,110

2017 percent of median household income: 41.8

Percent change: 7

 

Philadelphia, Pennsylvania

2014 fair market rent: $1,388

2014 percent of median household income: 42.7

2017 fair market rent: $1,615

2017 percent of median household income: 48.7

Percent change: 6.1

 

Sacramento, California

2014 fair market rent: $1,003

2014 percent of median household income: 24.7

2017 fair market rent: $1,393

2017 percent of median household income: 29.4

Percent change: 4.7

 

Charlotte, North Carolina

2014 fair market rent: $1,055

2014 percent of median household income: 23

2017 fair market rent: $1,343

2017 percent of median household income: 26.3

Percent change: 3.3

 

Nashville, Tennessee

2014 fair market rent: $1,019

2014 percent of median household income: 25.9

2017 fair market rent: $1,397

2017 percent of median household income: 29

Percent change: 3.1

 

Milwaukee, Wisconsin

2014 fair market rent: $1,054

2014 percent of median household income: 36.1

2017 fair market rent: $1,245

2017 percent of median household income: 38.2

Percent change: 2.1

 

Columbus, Ohio

2014 fair market rent: $873

2014 percent of median household income: 22.5

2017 fair market rent: $1,062

2017 percent of median household income: 24.7

Percent change: 2.1

 

San Diego, California

2014 fair market rent: $1,739

2014 percent of median household income: 30.8

2017 fair market rent: $2,095

2017 percent of median household income: 32.8

Percent change: 2

 

“The cause of the rent increase was split between two problems: large rent increases outpacing substantial gains in income, or stagnant income growth amplifying the impact of small rent increases,” according to the study.

“New Orleans is an example of the latter. Incomes here only grew by $1,500 per year while monthly rent increased by $530 over the timeline we analyzed.”

While housing remains expensive in traditionally high-priced cities like New York, San Francisco and Los Angeles, relative rent costs there actually fell. That could be “due to large increases in the median household income in those cities,” the study says.

No matter where you find yourself, living within your means and employing common-sense budgeting tactics can help you save in the long run. Here are a few tips to get started.

 

Source: https://www.cnbc.com/2019/01/04/the-top-10-us-cities-where-rents-have-increased-the-most.html


CLICK HERE NOW: WEBINAR REPLAY 1/22/19 How to get LISTINGS in a “HELP! GET ME A LISTING” with LISTINGS from Homeowners who have missed payments (in your market)

CLICK HERE NOW: WEBINAR REPLAY 1/22/19 How to get LISTINGS in a “HELP! GET ME A LISTING” with LISTINGS from Homeowners who have missed payments (in your market)