- According to Zilou, residents of 16 American cities spend a higher share of their income on rent than on the national level.
- This is more difficult for the poor.
- House prices have risen faster than incomes after the recession, and rising mortgage rates make the market more expensive.
Housing gets more inaccessible across America.
This is largely due to the fact that after a decline in housing prices grew faster than income, and builders are not able to keep up with the demand for affordable housing.
This affects both homeowners who pay mortgage loans, and people who rent. In accordance with Zillow, median rent in the United States requires 28.4% of the median income, compared with a historical average of 25.8%.
The financial burden is the worst for low-income tenants. For example, in Los Angeles, the rental price exceeds 100% of the typical income for the lowest-paid residents. "This leaves little room for realistic rent payments and other expenses for typical income, outside the housing subsidy, doubling the number of roommates or taking a second or even a third job to help make ends meet, "Cillow said in his report.
In the list below, based on Zillov's data, the cities of the USA are allocated, where the share of income spent on rent in the second quarter was higher than the general national level of 28.40% and is estimated at least the least. Financial planners usually recommend spending no more than 30% of gross rental income.
In all 16 cities, tenants spend more money on housing than on a historical trend.
Dallas-Fort Worth, TX
Average income: $ 54876
Share of income spent on rent: 28.40%
Historical share of income spent on rent (1985-2000): 21.8%
Sources: Zillow, Census Bureau
Houston, TX
Average income: $ 47,010
Share of income spent on rent: 28.80%
Historical share of income spent on rent (1985-2000): 24.40%
Sources: Zillow, Census Bureau
Portland, Oregon
Average income: $ 58,423
Share of income spent on rent: 29.90%
Historical share of income spent on rent (1985-2000): 23.50%
Sources: Zillow, Census Bureau
Seattle, Washington
Average income: $ 74,458
Share of income spent on rent: 30.90%
Historical share of income spent on rent (1985-2000): 23.80%
Sources: Zillow, Census Bureau
Tampa, Florida
Average income: $ 45,874
Share of income spent on rent: 31%
Historical share of income spent on rent (1985-2000): 27.60%
Sources: Zillow, Census Bureau
Orlando, FL
Average income: $ 44007
Share of income spent on rent: 31.50%
Historical share of income spent on rent (1985-2000): 22.70%
Sources: Zillow, Census Bureau
Denver, Colorado
Average income: $ 56,258
Share of income spent on rent: 32%
Historical share of income spent on rent (1985-2000): 23.60%
Sources: Zillow, Census Bureau
Sacramento, CA
Average income: $ 52071
Share of income spent on rent: 32.40%
Historical share of income spent on rent (1985-2000): 31.80%
Sources: Zillow, Census Bureau
Boston, Massachusetts
Average income: $ 58516
Share of income spent on rent: 32.70%
Historical share of income spent on rent (1985-2000): 26.40%
Sources: Zillow, Census Bureau
San Jose, California
Average income: $ 90,303
Share of income spent on rent: 35.60%
Historical share of income spent on rent (1985-2000): 26.10%
Sources: Zillow, Census Bureau
Riverside, CA
Average income: $ 58,979
Share of income spent on rent: 36.80%
Historical share of income spent on rent (1985-2000): 32.70%
Sources: Zillow, Census Bureau
New York, New York
Average income: $ 55,191
Share of income spent on rent: 37.70%
Historical share of income spent on rent (1985-2000): 26.30%
Sources: Zillow, Census Bureau
San Francisco, California
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(Richard Hayes / Flickr)
Average income: $ 87701
Share of income spent on rent: 39.20%
Historical share of income spent on rent (1985-2000): 30.60%
Sources: Zillow, Census Bureau
San Diego, California
Average income: $ 68,117
Share of income spent on rent: 40.30%
Historical share of income spent on rent (1985-2000): 34.70%
Sources: Zillow, Census Bureau
Miami-Fort Lauderdale, Florida
Average income: $ 41645
Share of income spent on rent: 40.30%
Historical share of income spent on rent (1985-2000): 28.60%
Sources: Zillow, Census Bureau
Los Angeles-Long Beach Anaheim, California
Average income: $ 55,151
Share of income spent on rent: 46.90%
Historical share of income spent on rent (1985-2000): 36.30%
Sources: Zillow, Census Bureau
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