What you should know
A new report ranks the worst cities for renters in the US, and surprisingly, New York City doesn’t top the list, but another city located in the tri-state area does. That city is Newark, according to the Forbes study, which found that more than half of residents (56%) in New Jersey’s largest city spend more than 30% of their income on rent. The average rent for a one-bedroom in Newark is about $1,350, Forbes found, and the average unit size was smaller compared to many other cities. For those looking to see where New York City ranked, it wasn’t even among the top five. Hialeah, Florida; San Bernardino, California; Anchorage, Alaska; and Los Angeles rounded out the top five.
NEW JERSEY — A new report ranks the worst cities for renters in the U.S., and surprisingly, New York City doesn’t top the list, but another city located in the tri-state area does.
That city is Newark, according to the Forbes study, which found that more than half of residents (56%) in New Jersey’s largest city spend more than 30% of their income on rent. The average rent for a one-bedroom in Newark is about $1,350, Forbes found, and the average unit size was smaller compared to many other cities.
For those looking to see where New York City ranked, it wasn’t even in the top five. Hialeah, Florida; San Bernardino, California; Anchorage, Alaska; and Los Angeles rounded out the top five.
However, the five boroughs don’t have much to boast about, as they ranked sixth worst. The median price of a one-bedroom apartment in the city was said to be $2,101, according to Forbes, and nearly 52% of renters considered themselves “rent burdened,” meaning they spend more than 30% of their rental income.
Data shows that the rental situation in New York is far from ideal, as a new survey found that a third of renters spent at least half of their income on rent, making them “severely rent burdened.” “, according to the nonprofit Community Service Society.
The group’s report indicated that the average tenant earned about $60,000 (the median annual income for rent-regulated units is $13,800 less than that), while the median rent is about $3,500 a month.
It also comes as prices in one district fell in September, but not by much. A new report from real estate agents Miller Samuel and Douglas Elliman indicated that the median rent for new rentals in Manhattan last month was $4,350. That represents a 1% drop from July, when a record was set.
Despite that, the vacancy rate is now the highest since August 2021, and the number of available listings is up about 40% from a year ago. While both are good signs for renters, rent is still about 8% higher than in October 2022, and almost 25% higher than before the pandemic, according to the realtors’ report.
2023-10-20 20:26:45
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