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Eight of the top 10 markets for highest percentage of cost-burdened millennial renters are in Florida or California, and every one of the top 10 markets exceeds the 50% mark. By comparison, only 37.9% of Gen Xers are renters. While this generation pays the highest median rent, at $1,050, it also has the highest median income, $44,700.
With rents rising faster than wages, the burden of affording rent is looming larger and larger for many Americans, and in some cases becoming insurmountable. According to the Zillow Group Consumer Housing Trends Report 2017 , 79 percent of renters who moved in the last 12 months experienced an increase in their monthly rent before moving to a.
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· And while no one likes to pay rent, that burden is significantly easier depending on where you live, based on a study by GOBankingRates. The study compiled data on the median rental price for different sizes and types of living spaces across the 150 largest cities in America, then scored each and combined the averages to reveal the cheapest.
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Rent burden higher than national average in many cities. Miami and Fort Lauderdale in Florida both spend roughly 40%. Not far behind, San Diego, CA, Phoenix, AZ, Detroit, MI, Los Angeles, CA and San Jose, CA all came in above the national average.
Of the 100 metropolitan statistical Areas with the most renters, these 19 have the highest proportions of renters facing a cost burden. All of these cities had at least 54% of their renters spending more than 30% of their income on rent, but Miami-Fort Lauderdale-West Palm Beach took the lead by a wide margin.
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The rent check can sting in Southern California. The regional cost of renting has surged at double the pace of overall inflation so far this century. Renters in Los Angeles and Orange counties.
South Florida residents spend more of their income on rent than any other place in U.S., study finds. while Florida has the highest cost burden of all 50 states.. followed by California and.
Moving to an income tax-free haven like Florida, Nevada or Texas is a tempting prospect for residents in high-tax states such as New York, New Jersey and California. beautiful home in Minneapolis,
Looking at homeownership in Florida before the recession, however, tells a much different story. In the first quarter of 2005, homeownership in the state was at a whopping 73.2 percent, the highest.