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.
Nearly half of renters—or 46 percent—devote more than 30 percent of their income to rent, according to Census Bureau data. Economists consider that “cost-burdened.”
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: DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 15, 2017