Renting vs. buying is a personal choice. Sometimes renting is the best case scenario for where you are in life. In order to help you out we found this article with the most expensive cities to live in based on the income ratio. We hope it helps you make the right decision for you!
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From the article:
New York City and the surrounding area has seen the most dramatic increase, with rents up 50% over the past five years. However, household income in the area has risen just 8% in that period.
Overall, rents have increased faster than income in all but four of the 70 metro areas, according to a report Monday from the National Association of Realtors.
In some areas, rents may not have gone up astronomically, but income has actually declined, heightening the disparity. It is particularly glaring in Albuquerque, where rents have increased 10% in the past five years. But income in the metro area declined 12% in the period.
It’s a similar story in Providence, RI, Omaha, Tuscon and New Orleans, where income is falling even as rents rise (See full list below).
Nationwide, rents have increased 15% from 2009 to 2014. At the same time, the realtor group estimates that household income has gone up just 11%.
Interested in what a normal down payment is? Then checkout this article about normal down payment amount that could be of interest to you.
Read the entire article here: http://money.cnn.com/2015/03/16/real_estate/cities-highest-rent/index.html?section=money_realestate