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Rent prices are soaring in these 5 metros. What to know before moving

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As interest rates rise and property prices soar, prevent more families from buying homesdemand for rentals is skyrocketing, with the sunniest states displaying the highest rental prices.

Rents for single-family homes rose in the first half of 2022, reaching a national average of $2,495 per month, up 13.4% compared to the same period in 2021. new report From nationwide real estate brokerage HouseCanary.

Warm-climate cities like California and Florida dominate the list with the highest median rents, while Midwestern states such as Ohio take the top spot for the most affordable rents, reports report. has discovered.

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Findings come to more Americans, including some 6 figure earnerthat is From cost of living to salary amid rising costs.

Annual inflation jumped 9.1% in JuneAccording to the US Department of Labor, it is growing at its fastest pace since late 1981.

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These metropolitan U.S. real estate markets had the highest median single-family monthly rents in the first half of 2022:

  1. Los Angeles; Long Beach, California;Anaheim, California: $4,664
  2. San Diego; Carlsbad, CA: $4,617
  3. Bridgeport, Connecticut. Stamford, Connecticut.Norwalk, Connecticut: $4,352
  4. San Jose, California. Sunnyvale, California.Santa Clara, California: $4,294
  5. Oxnard, California. Thousand Oaks, California.Ventura, CA: $4,259

5 big US cities with the cheapest monthly rent

These metropolitan U.S. real estate markets had the lowest median monthly single-family rents in the first half of 2022.

  1. Mobile, Alabama: $1,419
  2. Dayton, Ohio.Kettering, Ohio: $1,412
  3. Wichita, Kansas: $1,397
  4. Akron, Ohio: $1,361
  5. Canton, Ohio.Massillon, Ohio: $1,314

Remote work could hamper wage growth

The pandemic has accelerated the trend of leaving expensive coastal cities in more affordable neighborhoods as more Americans. Transition to remote work.

And a record number of U.S. homebuyers are still looking to cheaper options from cities like San Francisco, Los Angeles and New York, says one research firm. July report from Redfin. However, remote work can come with hidden costs.

Many people are reaping the benefits of remote work, but research shows May hamper wage growth Over time, according to working paper Published by the National Bureau of Economic Research.

There may be other “hidden” travel costs

Moving to a cheaper neighborhood may save you rent or a mortgage, but other unexpected expenses can weigh on your budget, experts say.

Certified Financial Planner Bill Parrott, president and CEO of Parrott Wealth Management in Austin, Texas, said:

Losing a network or a village is a big hidden expense.

Bill Parrott

President and CEO of Parrot Wealth Management

Without seeing friends and family, costs like childcare and pet sitting can add up quickly, he said.

And depending on the airport and transportation, traveling from smaller cities can be more expensive, said Caleb Pepperday, a Pittsburgh-based CFP and wealth advisor at JFS Wealth Advisors. .

“It’s best to research some of these costs before moving to a new city to help you make your decision,” he said.

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