Rent Affordability Across the United States

As a millennial living in the US I can barely afford to keep my head above water and like most Americans living paycheck to paycheck, my monthly rent payment takes up the majority of my income. I split rent with two roommates and I am so far from being able to afford a house at the moment, it’s comical. A report from Unison calculated that it would take a person earning a median income in the US 15 years to save for a 20 percent down payment on an average priced home. Most people in my age range of the millennial era rent instead of own and like me most of them also pay the largest percentage of their paychecks to cover rent. But why is rent so high? Our parents didn’t have to go through this when they were our age. There isn’t just one reason why rent is so high today. Inflation plays a huge role along with demand. The pandemic through a wrench into the daily lives of every single person in America and the housing market was no exception. Landlords experienced rent moratoriums and once restrictions lifted, housing and rent prices skyrocketed.  This has affected lower income families more severely across the board. Job loss paired with raising rent prices have caused many to be behind on payments and it is only getting worse. Let’s take a look at where rent is the highest right now across the US. This map from HousingList pin points where rent prices are soaring the most as well as where they are the most affordable. The five cities on this list with the most affordable rent for a one bedroom apartment are: Wichita, KS, Anchorage, AK, Lubbock, TX, Omaha, NE, and Oklahoma City, OK. The most affordable, Wichita has a median1 bedroom rent price of $690. The five cities with the most expensive rent for a one bedroom apartment are: New York, NY, Miami, FL, Boston, MA, Providence, RI and Cleveland, OH.

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