Statista shows how the rise in housing prices continues to outpace the increase in wages across many parts of the world. For many cities, modest gains made in median yearly wages have been overshadowed by significantly higher increases in the cost of housing for the year. Data shows which cities have the highest discrepancy in median house prices and median wages.
Irvine, CA – Jan. 23, 2018 (PRNewswire) HomeUnion, a leading online real estate investment and management firm, has released a list of the most and least affordable rental housing markets in the U.S.. Chicago tops the list as the most affordable metro, while Oakland, Calif., is the most expensive rental market, based on rent-to-income ratios.
“With its low cost of living, relatively large housing inventory levels and high affordability, Chicago is an excellent market for residents entering the renting pool,” explains Steve Hovland, director of research for HomeUnion. It’s is the only metro in the country where typical renters spend less than 20 percent of their annual income on housing. Emerging neighborhoods like Logan Square and other West Side locations have become increasingly popular areas for young professionals, making Chicago an excellent choice for millennials.
The second location on HomeUnion’s list – Charlotte, N.C. – also has a low cost of living and high affordability, with average annual rents of under $16,000. “About one-quarter of the average income of a typical Charlotte resident goes to rental housing, making it appealing to millennials as well,” notes Hovland.
Here’s a list of the 10 most affordable rental markets in the nation:
Here’s a list of the 10 most expensive rental markets in the nation:
Sources: HomeUnion Research Services, MPF Research, a division of RealPage
“Low affordability negatively impacts all renters in the Bay Area, Denver, Southern California and Washington, D.C., because of strong local job market conditions, intense demand for rental properties, and high mortgage costs for owner-occupied housing,” Hovland says.
Established and mature markets, such as Cincinnati and Cleveland, where home prices remain affordable, negatively impact renters’ wallets. “A significant number of potential young renters are migrating out of Ohio to Chicago or booming western metros such as Denver, the Bay Area and Los Angeles, leaving mostly low-wage earners to occupy rentals,” Hovland concludes.
For more information on metro-level rents, visit Where a Landlord Can Find High Annual Returns on HomeUnion.com.
About HomeUnion
HomeUnion is a leading online residential real estate investment firm that provides individuals with all the services needed to invest remotely in both wholly-owned and crowdfunded real estate using a combination of big data, proprietary analytics and local market expertise. Based in Irvine, Calif., the firm currently operates in six markets nationwide.
More Than Half of Potential Cities Have “Overvalued” Housing Markets
Irvine, CA – January 18, 2018 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today revealed its analysis of the housing economy in cities* being considered for Amazon’s “second headquarters” location.
CoreLogic monitors the health of the housing economy through historic home price changes and other market conditions including sustainability of prices in the market, referred to as the CoreLogic Market Condition Indicators (MCI). The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level.
“As leaders at Amazon continue to narrow their location choices, the housing situation is an important consideration,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Some of the contenders have home price increases that are trending higher than the national average of 6 percent. Denver and Nashville lead the pack with home price increases at more that 8 percent, but CoreLogic research indicates that these markets are overvalued right now. Adding a job creator like Amazon would add further housing demand and upward pressure to housing costs.”
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
Contacts
CoreLogic
For real estate industry and trade media:
Bill Campbell
(212) 995-8057
bill@campbelllewis.com
or
For general news media:
Alyson Austin
(949) 214-1414
alaustin@corelogic.com