These metros have the highest rent-to-income ratios

The Hill ^ | 01-26-2023 | Gianna Melillo

[ChicagoConservative27]

Renters living in the New York metro area have the highest rent-to-income ratio in the country at nearly 69 percent, according to a new report from Moody’s Analytics.

Figures show that for the first time in over 20 years, the entire United States is rent-burdened, as the average American rent-to-income ratio reached 30 percent. The ratio reflects what percentage of a household’s income is spent on rent.

That total is up 1.5 percent from last year’s estimation.

New York was followed by Miami, Fla.; Fort Lauderdale, Fla.; Los Angeles, Calif.; and Palm Beach, Fla., respectively.

Northern New Jersey; Boston, Mass.; Tampa-St.Petersburg, Fla.; San Francisco, Calif.; and Orlando, Fla. rounded out the top ten metros with the highest rent-to-income ratios.

The increases are largely due to rising mortgage rates, which pushed would-be buyers to stay renters and caused many households to be priced out of buying a home. This resulted in increased demand for apartments, driving up rates.

[ChicagoConservative27]

I can't afford any of these places so..

[teeman8r]

nobody goes there, it’s too crowded.

[Steely Tom]

I'm sure that if this article had come out four years ago it wouldn't once have mentioned the word "white," "black," or "poor," or the anything about the current occupant of the White House...

... just like this article didn't.

[TBP]

All run by The Party of the Working People. #TheyCallItCompassion

[Gay State Conservative]

When you come to the fork in the road...take it.

[dgbrown]

One of my daughters has been living in Manhattan for the last 2 years as a student. She will be heading back to Brooklyn next year as her rent would be sky high. The virus allowed her to move to where she is, and that has changed.

First year 1500
second year 2200

next year my guess would be 3500-4000

[sauropod]

.