{"id":1936243,"date":"2023-05-23T11:42:25","date_gmt":"2023-05-23T15:42:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-seven-cities-where-rent-exceeds-30-of-median-income\/"},"modified":"2023-05-23T11:48:33","modified_gmt":"2023-05-23T15:48:33","slug":"here-are-the-seven-cities-where-rent-exceeds-30-of-median-income","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-seven-cities-where-rent-exceeds-30-of-median-income\/","title":{"rendered":"7 cities where rent is over 30% of median income."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhere-are-the-seven-cities-where-rent-exceeds-30-of-median-income%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1936243&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Americans Struggle with High Rent Costs in Certain Metropolitan Areas<\/h2>\n<p>According to an analysis from Moody&#8217;s Analytics, residents in certain metropolitan areas are spending an &#8220;uncomfortably high&#8221; share of their incomes on rent. This phenomenon comes as the residential housing market remains inaccessible for many families.<\/p>\n<p>Currently, there are seven cities where residents pay more than 30% of median income levels to rent an apartment. These cities include New York City, Boston, Los Angeles, and parts of Florida.<\/p>\n<h3>The Growing Rent Burden<\/h3>\n<p>The analysis notes that the only metropolitan area where residents could expect to pay more than 30% of income on household rent in 1999 was New York City. However, more cities have witnessed expensive rental markets as median income grew 77% and rent increased 135% nationwide over the past two decades.<\/p>\n<p>New York City still remains the most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-runs-hot-sending-rents-soaring-across-the-country\/\" title=\"Bidenflation Runs Hot Sending Rents Soaring Across the Country\">expensive rental market<\/a> in the country with rent-to-income ratios approaching 68% as of last year. Miami follows suit with rent-to-income ratios nearing 42%.<\/p>\n<p>Increased rental costs occur as home affordability continues to plummet. Public health mandates caused low labor force participation and supply chain constraints, worsening the trend of decreased construction levels for residential real estate, while elevated interest rates in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-seven-cities-where-rent-exceeds-30-of-median-income\/\" title=\"7 cities where rent is over 30% of median income.\">recent months induced high mortgage rates<\/a>, keeping potential buyers in their apartments.<\/p>\n<h3>The Housing Shortage<\/h3>\n<p>The overall housing market had a shortage of 3.8 million properties as of 2019, according to data from the government-backed mortgage company Fannie Mae. The National Association of Realtors estimates that homebuilders should have constructed between 5.5 million and 6.8 million more houses over the past two decades to match current demand.<\/p>\n<h3>Decreasing Unit Sizes<\/h3>\n<p>Rental markets are also seeing decreases in unit sizes, indicating a reversal from the desire for larger properties that corresponded with lockdowns as families spent more time in their homes and breadwinners relied more on virtual work. The average size of new apartments was 887 square feet in 2022, constituting a 3% drop from the previous year and continuing a decline of 54 square feet over the past decade, according to a recent report from RentCafe.<\/p>\n<h3>Get the Daily Wire App<\/h3>\n<p><b>Stay informed with the latest news and analysis on the housing market and more. <a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\">Download the Daily Wire app today.<\/a><\/b><\/p>\n<p>Median home prices recently fell year-over-year for the first time in more than a decade even as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/median-price-of-american-homes-climbs-above-400000-for-the-first-time\/\" title=\"Median Price of American Homes Climbs Above 0,000 for the First Time\">elevated mortgage rates<\/a> are still rendering properties less affordable for prospective buyers, according to an analysis from Redfin. Homeowners who acquired mortgages at low rates in the months after the lockdowns have reason to avoid selling their properties, a phenomenon that could further limit the number of houses on the market and decrease affordability for buyers.<\/p>\n<p>Median home sale prices increased from $322,600 in the second quarter of 2020 to $467,700 in the fourth quarter of 2022, a metric which has since declined to $436,800 in the first quarter of 2023, according to data from the Department of Housing and Urban Development.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysis from Moody&#8217;s Analytics reveals that residents in some US metropolitan areas are spending an &#8220;uncomfortably high&#8221; proportion of their income on rent. This is occurring in seven cities where renters pay over 30% of median income levels. The issue is compounded by the inaccessibility of the residential housing market for many families.<\/p>\n","protected":false},"author":99,"featured_media":1936244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[10280,5037,8009,12222,10182],"class_list":["post-1936243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-10280","tag-cities","tag-income","tag-median","tag-rent"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1936243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1936243"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1936243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1936244"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1936243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1936243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1936243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}