RealtyTrac Analyzes Residential Rental Affordability in 2016

 

IRVINE, CA -- RealtyTrac analyzed recently released rental data from HUD, wage data from the BLS along with public record sales deed data we collect in 504 counties with a population of at least 100,000 and found the following regarding rental affordability in 2016.

Highlights in the report:

·         It is more affordable to buy than to rent in 58 percent of the 504 counties (with a 3 percent down payment).

·         Rents are rising faster than wages but slower than home prices

o   Rents on 3-bedroom properties in 2016 up 3.5 percent on average from 2015

o   Average weekly wages up 2.6 percent year-over-year

o   Median home prices up 5.0 percent year-over-year

·         Most affordable and least affordable rental markets for average wage earners

o   Across all 504 counties average rent requires 37 percent of average wages

o   Top five least affordable counties for renters are in Honolulu, Washington, D.C., New York City (Brooklyn), and Northern California metros of Salinas, Santa Cruz and San Francisco. Average rent requires more than 60 percent of average wages in all five least affordable counties.

·       Top five most affordable counties for renters are in Huntsville, Alabama; Peoria, Illinois; Davenport, Iowa; Atlanta; and Pittsburgh. Average rent requires 25 percent or less of average wages in all five most affordable counties.Boston Bruins 1950-51 Roster

For a complete copy of the company’s news release, please contact:

 Jennifer von Pohlmann

 Sr. Data PR Manager

 Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com