Market rents are moderately to severely burdensome for residents in 65% of U.S. cities, according to a new analysis.
Most U.S. cities are unaffordable based on the most recent data available on market rents and median income, with Trenton, New Jersey, replacing Bridgeport, Connecticut, at the top of the “unaffordable” list since the previous month’s report.
The meaning of unaffordable may vary by household, but the general guideline is you should spend no more than 30% of your gross income on rent. Among the most unaffordable cities, median income earners in six places would be considered “severely rent burdened” by federal standards. That means market rents are moderately to severely burdensome for residents in 65% of U.S. cities measured. Market rent comes from data on the real estate website Zillow, based on March data, and median income used for this analysis is from 2021 U.S. Census Bureau data. The data doesn’t differentiate between incomes for residents who own rather than rent in those cities.
Renters with the greatest financial burden for housing tend to be seniors, low-income households, immigrants and racial or ethnic minorities, according to a 2015 Zillow Z analysis of U.S. Census Bureau data. Among the 49 cities Zillow tracks in its monthly Observed Rent Index, only two saw rent decreases from February to March: Detroit and Portland, Oregon . The cities with the lowest rent increases included Richmond, Virginia ; Pittsburgh ; and Salt Lake City . Among the remaining cities that saw market rent increases from February to March, the highest growth was in Sacramento, California ; Boston ; Hartford, Connecticut ; New York City ; and Cincinnati .
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Stock Market Crash: S&P 500 is Primed For 15% Drop, Comerica CIO Says'The equity market is poised to struggle in the weeks and months ahead': Comerica Bank's CIO says the S&P 500 is primed for a 15% drop as weak earnings, high valuations, and a hawkish Fed all work against it
Baca lebih lajut »
Huge Italian food market opens 3rd N.J. locationThe 56,000-square-foot spot used to be an ACME supermarket
Baca lebih lajut »
BRICS Bank ‘Re-taps Into USD Bond Market’ With $1.25 Billion 'Green' Bonds – Finance Bitcoin NewsThe development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD).
Baca lebih lajut »
XRP Price Loses Key Support in Market-Wide Slump, Here's What Might Come NextXRP loses key price level in market slump, here's what might save it XRPArmy $XRP XRPCommunity XRPHolders
Baca lebih lajut »
Tesla's California market share slides despite price cuts: reportInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Baca lebih lajut »
Tesla's California market share tumbles despite aggressive price cuts By Reuters*TESLA'S CALIFORNIA MARKET SHARE TUMBLES DESPITE AGGRESSIVE PRICE CUTS $TSLA
Baca lebih lajut »