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August 29, 2016

Renters Face Steep Costs in Job Havens

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Renters Face Steep Costs in Job Havens

Some of the fastest growing job markets are also becoming some of the least affordable with rental costs, according to a new report by Madvalorem, a real estate database for property searches. High demand is leading rental costs to soar.

NAR study reveals Why Renters May Be in Trouble

Madvalorem, in analyzing Census and other data, provides the following snapshot of rental costs among the top hiring job markets:

1. San Jose, Calif.

Median rent: $2,570

Income to rent: 37.69%

2. San Francisco, Calif.

Median rent: $3,715

Income to rent: 58.97%

3. Raleigh-Durham, N.C.

Median rent: $1,051

Income to rent: 23.16%

4. Washington, D.C.

Median rent: $2,254

Income to rent: 41.09%

5. Seattle, Wash.

Median rent: $1,791

Income to rent: 32.92%

6. Boston, Mass.

Median rent: $2,900

Income to rent: 64.92%

7. Austin, Texas

Median rent: $1,463

Income to rent: 32.54%

8. Baltimore, Md.

Median rent: $1,600

Income to rent: 46.39%

9. Denver, Colo.

Median rent: $1,595

Income to rent: 38.04%

10. Salt Lake City, Utah

Median rent: $999

Income to rent: 26.14%

Source: "Home Ownership, Property Values & Rental Prices in 2015," Madvalorem (June 11, 2015)