A recent report from Rent.com summarized the findings of a survey conducted by the Bureau of Labor Statistics that analyzed 2016 and 2017 US consumer expenditures. Factors included in this survey were mortgage rates, rental costs, property taxes, maintenance, utilities and household products and furnishings in 22 major metro areas.
Here are Rent.com’s discoveries:
Top Ten Cities Seeing Significant Increases in Housing Costs
- Miami +8.2% increase
According to both CNBC and the Miami New Times, Miami’s largest increase in housing costs nationwide was due to mortgage costs increasing faster than local wages.
- St. Louis +7.8% increase
According to ApartmentList, the number of people “severely burdened” in St. Louis (spending 50%+ on housing) rose +2% from 2016 to 2017.
- Denver +7.1%
- Boston +6.7%
- Washington DC +6.0%
- Seattle +5.8%
- San Francisco +5.5%
- Houston +3.9%
- Atlanta +3.8%
- New York City +3.5%
Rent.com found that in 2017, 27% of average incomes were spent on housing. However, in some places this percentage varied. For example, in Los Angeles, 31.8% of average incomes was spent on housing costs and in Boston, 30.5% of average incomes was spent on housing costs.
Top Eight Cities Seeing Significant Decreases in Housing Costs
- Minneapolis -6.7%
- Baltimore -4.2%
- Chicago -3.7%
- Philadelphia -3.1%
- Tampa -3.0%
- Anchorage -2.8%
- Honolulu -1.5%
- Phoenix -0.8%
Thanks to CNBC’s Anna Hecht and its “Make It” Section for source data.
