Property prices in the US have been growing much more rapidly than Americans’ incomes with increasing mortgage rates constantly making the housing market more expensive.
The median US rent currently takes 28.4 percent of the median income, up from the historic average of 25.8 percent, according to online real estate database company Zillow Group. Low-income renters have to bear the worst financial burden. Price of renting in Los Angeles makes up more than 100 percent of average income for the lowest-earning residents.
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“That leaves few options to realistically afford rent and other expenses on a typical income, outside of a housing subsidy, doubling up with roommates or taking on a second or even a third job to help make ends meet,” Zillow said in its report.
Here’s the list of top ten US cities, where the share of income exceeds the overall national level of 28.40 percent. The ranking is based on Zillow’s data for the second quarter of 2018.
Los Angeles-Long Beach-Anaheim, California. Here the median income reaches $55,151 with residents having to pay 46.90 percent of it to rent a home.
Miami-Fort Lauderdale, Florida. Living in one of the most populous counties in the US requires 40.30 percent of the median income which amounts to $41,645.
To rent a home in San Diego, California takes 40.30 percent of the city’s median income of $68,117.
Living in San Francisco, California requires 39.20 percent of the median income of $87,701.
New York, New York. With a median income of $55,191 residents of the city have to pay 37.70 percent of it for rent.
Being a resident of Riverside, California takes 36.80 percent of the city’s median income, which reportedly amounts to $58,979.
To live and work in the Californian city of San Jose requires 35.60 percent of an average income that reportedly reaches $90,303.
Boston, Massachusetts. Bostonians spend 32.70 percent of their income of $58,516 on rent.
Renting property in the Californian capital of Sacramento takes 32.40 percent of a median income of $52,071.
Denver, Colorado. Being a resident of this metropolis eats up 32 percent of an average income, which is reportedly $56,258.
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