Rents across the country have gone through a period of historic growth over the last two years.according to Real estate research company CoStar Group, US rents rose 11.3% last year. In contrast, total rent has increased by 18.1% over the last five years.
The rise in rent Result of Soaring inflation and squeezing inventories. This shortage of supply to demand has significantly increased the number of people wishing to rent during a pandemic, while the shortage of building materials and other delays in construction due to the pandemic limits the number of properties available. Because it was done. This is an industry that fires most Americans.
To identify the counties with the highest rents, 24/7 Wall St. confirmed a five-year estimate of the median total rent from the US Census Bureau’s 2020 American Community Survey. The median total rent in the United States is $ 1,096, and in these 50 counties, rents range from $ 1,582 to $ 2,435.
Of the 50 counties with the highest rents, California is by far the largest at 16, followed by eight and three states in Colorado, Massachusetts, and New York. These are the states with the highest rents. As a state, Virginia is only the ninth highest median total rent, and some counties in Virginia have very low rents. However, all the counties that make up the list are on the outskirts of Washington, DC, and are some of the wealthiest counties in the United States. These are the wealthiest cities in the United States.
In many high-rent counties, the proportion of homes that are rented rather than homeowners is high. This is mainly because these places have a more expensive housing market as a whole. In other words, residents are priced for the possibility of owning a home and are forced to rent. Nationally, the median home price is $ 229,800. In 49 of the 50 counties on this list, typical homes are more expensive than the median of the country and in most cases much more expensive. The median home prices in the six counties on this list are over $ 1 million. Four of these are in California, the fifth is Nantucket Island, and the sixth is New York County, well known as Manhattan.
Rents in these markets are much higher than national figures, but rental properties are actually relatively affordable, given the income of typical residents. In about half of the counties on this list, the median total rent accounts for less than 29.6% of the median household income in rural areas. This is a national number. In San Francisco County, which has the fifth highest median total rent than any county in the country, that figure represents only 24% of the county’s typical household income.