According to Associated Press, major U.S. cities are currently experiencing a significant rise in rent prices.
Based on an analysis from Realtor, “50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021” with properties of two or fewer bedrooms.
Miami metro area reportedly took a bigger hit in rent increase. “Miami metro area, where the median rent exploded to $2,850, 49.8% higher than the previous year.” Austin, Memphis, Jacksonville and Las Vegas also saw a spike of 25% in rent increase.
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According to Associated Press, rising rent prices are a driver of high inflation, which has become a major concern for economists. ” Labor Department data, which covers existing rents as well as new listings, shows much smaller increases, but these are also picking up. Rental costs rose 0.5% in January from December, the Labor Department said last week. That may seem small, but it was the biggest increase in 20 years, and will likely accelerate.”
If you recall, Miami also surpassed Los Angeles and became the second most expensive place to live with New York remaining number one.
Based on the October 2021 Housing Affordability Index report by RealtyHo, the housing market in Miami has increased tremendously. So much so that it is now the second least affordable city to live within the United States, @local10news reports.
In September of this year, Miami was ranked number three behind Los Angeles, but it appears that has changed. According to the report, the median income in Miami is $39,049, while medians for homes is $549,000.
When COVID impacted the country, many people, subsequently, left the West Coast and relocated to areas like Miami.
“Miami overtook L.A. as the second most expensive housing market in the nation, even though the price decreased slightly since our last report,” states the report. “A household in Miami should expect to pay $2,653 per month toward homeownership costs, or roughly 81.55% of median incomes.”
Roomies, are y’all experiencing this?
