Tuesday
September 16, 2014

Rising Rents Pinch Wallets in These Metros

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Rising Rents Pinch Wallets in These Metros

Rents are rising nationally, and in some areas more than others. 

“We’re expecting continued rent growth, and as landlords push rents higher, we expect to see some movement of current renters into home ownership,” says Wayne Yamano, director of research at John Burns Real Estate Consulting. 

John Burns Real Estate Consulting analyzed the rent-to-income ratios in 40 major cities to identify where it's costing the most to rent.  According to its analysis, the following cities have the highest rent-to-income ratios in the nation:

1. New York
Rent-to-income ratio: 52 percent
Median household income: $60,161

2. Los Angeles
Rent-to-income ratio: 36 percent
Median household income: $55,579

3. San Francisco
Rent-to-income ratio: 33 percent
Median household income: $79,076

4. Miami
Rent-to-income ratio: 29 percent
Median household income: $45,219

5. Detroit
Rent-to-income ratio: 28 percent
Median household income: $36,127

6. Boston
Rent-to-income ratio: 28 percent
Median household income: $76,731

Source: “Cities Where Rent Takes the Biggest Bite out of Your Salary,” CNBC.com (March 7, 2012)

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