Boca Raton, Fla.—Housing isn’t cheap in many parts of the country.
The average renter in 11 U.S. markets spends six figures to avoid being classified as a rent bearer, according to a new report released Tuesday by researchers at Florida Atlantic University and two others. It is said that you have to earn an annual income of
At the end of April, the highest salary needed to avoid the rent burden label was $131,563 in San Jose, Calif., according to the study.
And in New York, Miami, San Francisco, San Diego, Oxnard, CA, Boston, Los Angeles, Bridgeport, Connecticut, Honolulu, and Riverside, CA, the average renter had to earn at least $100,000 a year.
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The Sunshine State continues to dominate the list of the nation’s most expensive markets, with Cape Coral-Fort Myers, Miami, Northport Bradenton and Deltona all in the top 10, researchers said.
Consumers who are considered rent-intensive spend more than 30% of their income on rent and struggle to pay for other necessities such as food and medicine. Those who spend more than 50% have a hard time paying rent.
“Not many people make that kind of money,” says Ken H. Johnson, an economist at FAU Business College. “This data perfectly shows what we are saying about the ongoing housing price crisis. Rents, if they have, have not fallen significantly, leading to a sharp increase in income.” Until then, consumers in many parts of the country will continue to live without basic needs.”
Building more rental properties is essential to keeping pace with demographic changes across the country, said Shelton Weeks, a researcher at Florida Gulf Coast University.
“But until then, the rent crisis will last the longest in the Sunbelt province, where the population is growing significantly,” he said.
So where in the United States do housing costs stay low?
The study found that the market with the lowest rent burden is Wichita, Kansas, where the average renter requires less than $40,000. McAllen, Texas, has the next lowest rent burden, requiring an annual income of less than $48,000.
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https://www.abcactionnews.com/news/state/average-renter-in-11-markets-including-miami-needs-100-000-salary-fau-study-says The average Miami renter needs a $100,000 salary