8 Cities That Will Send Renters to the Bank
Residential prices are some of the most important economic statistics for many Americans. While changes in inflation or manufacturing output may make everyone better off in the long run, there are few changes that are felt more immediately than a higher mortgage payment or a smaller rent check.
In fact, housing prices have been on the rise throughout the summer, causing some to go as far as to say that measures should be taken to prevent another bubble in the sector like the one that was seen just a few years ago, according to Reuters. Though most housing prices still have a long way to go until they reach 2006 levels, any real estate agent can tell you that the most important thing in the business — location, location, location — will play just as big a role in prices as any economic trend possibly could.
Especially for younger people, who may not have the capital or the job security to purchase a house, rental rates can be more relevant than housing prices. Even for those looking to buy rather than rent, the two statistics are integrally related. With that in mind, let’s take a look at the eight cities in America most likely to break a renter’s bank account, per Bloomberg data.