Rental Costs Eat Up 70% – Chuck Barberini Real Estate

Chuck Barberini Real Estate – Barberini Robinson Real Estate – Contra Costa County Real Estate

Rental Costs Eat Up 70% – Chuck Barberini Real Estate

DAILY REAL ESTATE NEWS | THURSDAY, MAY 12, 2016

We are seeing this every day, but it is exceptional brutal in our current market. Rent is higher than most mortgage payments, but getting into a house these days is extremely difficult, lack of inventory has pushed up house prices and the completion from first time buyers and investors looking to take advantage of the increased rents make it extremely difficult for buyers. Check out this article that was in Realtor.com today.

Soaring rental costs are taking a big dent out of some renters’ paychecks, and creating hardships for entry-level employees in particular.

Read moreWhy Renters Can’t Make the Move

In New York City, the average entry-level employee earns $47,000 per year. That means affording the rent of an average one-bedroom apartment at $3,000 per month will take up 77 percent of the average employees’ monthly income, according to RadPad, which recently analyzed more than 150,000 apartment listings to judge affordability for entry-level employees. In San Francisco, employees’ have 79 percent of their incomes eaten up by rental costs – the highest percentage in the nation of any metro studied.

Renters in Houston have it easier. Houston renters spend 29 percent of their incomes on rents, which falls under the 30 percent threshold that most financial planners say is healthy for a budget.

Here are 10 popular cities ranked from highest to lowest in terms of the percentage of starting monthly income that goes towards rent:

  1. San Francisco: 79%

    For Rent
    For Rent
  2. New York City: 77%
  3. Los Angeles: 61%
  4. Boston: 56%
  5. Seattle: 51%
  6. Chicago: 47%
  7. Orlando: 44%
  8. Atlanta: 36%
  9. Austin: 36%
  10. Houston: 29%

Source: “An Entry-Level Salary Is Barely Enough to Make Rent in These Cities,” Credit.com (May 11, 2016)

Rates improved today upon the release of weaker than expected economic news. 

Mortgage Rates and Market Data

Rental Costs Eat Up 70% – Chuck Barberini Real Estate

Author: Chuck Barberini

Chuck Barberini is a Realtor with over 18 years in the business. He’s a seasoned expert who has the knowledge and ability to navigate the intricacies of the real estate business, so you don’t have to. Over the years, Chuck has worked with several industry leading real estate companies and many knowledgeable and experienced Brokers. With over a decade’s experience in the difficult and complicated world of probate real estate and inherited homes, Chuck has now joined forces with the innovative and rapidly growing EXP Realty as a Broker Associate. Chuck received his real estate license in 2001 after being encouraged by a real estate broker friend. Originally this was a part time venture, but he eventually made the switch to full time as he discovered his enthusiasm for the job as it combined his interests in housing with helping others achieve their dreams of homeownership. Having lived in the San Francisco Bay Area his entire life, Chuck has the area knowledge required to meet the needs of buyers, sellers and investors. When he’s not delivering top notch service to his clients Chuck is a family man, having been married to his wonderful wife, Tracy, for over 30 years. Together they have raised three incredible boys. When it comes to real estate, Chuck is dedicated to serving his clients with honesty and integrity. He always has their best interests in mind and prides himself on his communication and responsiveness. Chuck would love nothing more than to lend his knowledge and experience toward helping clients with their real estate endeavors, but he doesn’t simply expect their business—he only asks for a chance to interview so that he can prove Chuck Barberini Real Estate is a great fit.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.