Friday, March 20, 2015
Think Twice About Renting In These 5 Cities!
According to the U.S. Census Bureau, about 65 percent of Americans own their own homes today. That leaves the remaining 35 percent of the U.S. population having to rent. Many years ago, people rented until they could afford to buy a house. But things are different today. Rents are rising out of control in many major cities.
Here are 5 of the worst cities in which to be a renter:
#1 - Williston, North Dakota: located in the NW corner of the state, Williston has some of the highest rent prices in the country. If you're looking for a 700 sq. ft. 1 bedroom 1 bath apartment, expect to pay over $2,000 a month, or $4,500 for a 3 bedroom 3 bath. Williston is in an oil boom area that has attracted many people looking for any number of jobs related to oil.
#2 - San Francisco, Silicon Valley and San Jose: these California cities come as no surprise when it comes to high rents. Median rent in these cities are about $1,400 a month but can go up to $3,200. High-paying tech jobs have really pushed rents upward in these areas.
#3 - Boston: also no surprise. Expect to pay anywhere from $2,000 for a studio apartment to $3,505 for a two-bedroom apartment. The problem in Boston is that both rents and home prices are going sky high.
#4 - Washington, DC: will cost you $1,675 for a studio apartment and $3,110 for a two-bedroom apartment. Renters need to make about $28.25 an hour to afford even a modest 2-bedroom in D.C.
#5 - New York: has always been known for it's pricey properties. Rents here go for $2,300 for a studio apartment. They will most likely continue to rise as more of the rental housing being built is leaning towards luxury homes with higher rents.
On the complete opposite side, you can always move to Detroit, Michigan, where both renting and buying a home is a real bargain now. Average home prices are $40,000, and rents run about $843 for a 2 bedroom apartment.
To read more, visit www.salon.com/2014/04/19/5_cities_where_aint_nothing_up_but_the_rent_partner/