Home News Here’s how much the average 1-bedroom, 2-bedroom rent is in America

Here’s how much the average 1-bedroom, 2-bedroom rent is in America

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How much does it cost to rent a 1 or 2 bedroom apartment in the US?Nationwide rent soars in two years COVID-19 Pandemicand renter costs remain high in August.

Rent.com researcher Jon Leckie told FOX Television Stations this week:

According to Rent.com’s monthly report, the average cost of a one-bedroom apartment in August 2022 was $1,769, up 39% from the same period last year.

Meanwhile, the national average monthly price for a two-bedroom rental in August was $2,105, up 38% from a year ago.

Leckie said rents are rising as home prices rise. The rental market is under upward pressure as homebuying prices rise.

“I think what we’re seeing is a peak in the housing market and people are saying, ‘It’s too expensive, I can’t afford it, mortgage rates are too volatile.’ It’s selling at a high price right now, but we decided we didn’t want to buy until the market stabilized or went down,” Leckie explained.

What are the most expensive cities for renters?

Average rents across the country are rising, but not all US regions are evenly split when it comes to high rents. The majority of the cities with the highest rents (58%) are on the West Coast, according to Another report from Rent.com shows the top 100 most expensive cities for renters.

41% of the top 100 US cities are in California. Another 28% of the cities with the highest rents are in the South, and the majority of Southern cities (57%) are in Florida. Some are in or near major tech hubs, where rents remain high and apartment supply low due to the industry’s high salaries and consistent growth during the pandemic, according to the report.

The Northeast had only 13% of the 100 highest rent cities in the US, including Bayonne, New Jersey, Boston, Cambridge and Quincy, Massachusetts.

Only one city in the Midwest ranked in the top 100 with the highest rents. Chicago (46th – average $2,904).

jersey city, new jersey, Located across the Hudson River from Manhattan, it was ranked as the US’s most expensive city for rent during the study period (Manhattan was excluded from Rent.com’s ranking). Average monthly rent in Jersey City has increased from $3,308 in 2021 to $5,500 in 2022, according to reports. This is an increase of 66.25%.

boston Average rent jumped from $4,164 in 2021 to $4,878 in 2022, representing a 17.14% annual rent increase.

california city Palo Alto ($4,672), glendale ($4,472), and santa monica ($4,357) rounded out the top five.

here is the other side Top 10 U.S. cities identified with lowest average rent:

The map shows the top 10 US cities identified as having the lowest average monthly rent as of June 2022. Only cities with a population greater than his 50,000 are included. (Credit: FOX Television Station)

How much do you need to make?Housing prices for low-wage workers

on the other hand, Recently Published Reports A study by the National Low-Income Housing Coalition (NLIHC), a housing advocacy group, revealed a disparity between low-income hourly wages and average two-bedroom rents across all 50 states.

2022 “Out of Reach” Report We share an estimate of the hourly wage a full-time worker must earn to buy a rental home without spending more than 30% of their income, called “housing wages.” again, U.S. Department of Housing and Urban Development fair market rentswhich is an estimate of how much someone moving in today is expected to pay for affordable rental housing.

In 2022, report says full-time workers will have to earn $25.82 per hour with a reasonable margin 2 bedroom rental house, under the attention factor. He added that he would need to earn $21.25 an hour to buy an affordable one-bedroom rental home without spending more than 30% of his income.

“The federal minimum wage of $7.25 an hour is well below the national housing wage for both two- and one-bedrooms. The two-bedroom housing wage is more than three and a half times the federal minimum wage of $7.25.” said the report. .

In any U.S. state, metropolitan area, or county, workers earning the federal minimum wage, or the prevailing state or local minimum wage, earn HUD fair market rent by working for a standard $40 can’t afford a modest two-bedroom rental home. Working hours per week, according to the report.

What’s more, these workers can’t afford a modest one-bedroom apartment in 91% of U.S. counties, the report adds.

Related: This is how much you need to earn per hour to pay your rent in California

When will the US rental market plateau?

7fd8a02b - San Francisco rents bounce back after pandemic-related decline

File Image – A “For Rent” sign is posted in front of an apartment building in San Francisco, CA on June 2, 2021. (Photo by Justin Sullivan/Getty Images)

The rental market took a hit when the pandemic started. Prices will remain low until around August 2021, when many parts of the country “started to see sharp increases,” Leckie explained.

“We expect prices to start to moderate in the near future, perhaps in late summer or early fall, where these year-to-year changes are less extreme,” Leckie told Fox TV station Thursday. ”

“The base level price will be higher than it used to be, but we hope the year-to-year change will be a little smaller,” he added.

This story was reported from Cincinnati.

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