Rents have been slowing in many areas, but exceptions are still giving renters sticker shock. Rents in the nation’s largest cities, in particular, continue to grow.
Almost half of renters (46%) spend more than 30% of their income on rent, according to Census Bureau data. This means they are classified as housing cost-burdened based on guidelines from the Department of Housing and Urban Affairs.
Rent vs. Buy Calculator, especially in the biggest cities in the country. Below we compare rents and incomes to find the cities with the largest rent increases.SmartAsset, a personal finance website, analyzed data median household incomes and average rents and compared them in 2013 to 2016.
Four of the top 16 cities with the largest rent increases are in California, according to the analysis. But it’s New Orleans that saw the steepest run-up in rental costs from 2013 to 2016. Rental costs increased 10.5 percent in that time, more than any other U.S. city analyzed.
Source: “Top 10 Cities With the Largest Rent Increases—2017 Edition
Rent vs. Buy Calculator, especially in the biggest cities in the country. Below we compare rents and incomes to find the cities with the largest rent increases.SmartAsset, a personal finance website, analyzed data median household incomes and average rents and compared them in 2013 to 2016.
Four of the top 16 cities with the largest rent increases are in California, according to the analysis. But it’s New Orleans that saw the steepest run-up in rental costs from 2013 to 2016. Rental costs increased 10.5 percent in that time, more than any other U.S. city analyzed.
Source: “Top 10 Cities With the Largest Rent Increases—2017 Edition
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