At the end of the day a hot market created a lot of potential issues. Can you capture all of the clients and potential new customers? Do you have the right support staff 7 days a week to help you stay at 100% occupied? Our market in Colorado and a number of other markets continues to be high. Ensure you have the right partner for growth and strength over the next few months. Our article today shows how Denver ranks among other major US markets.
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Top 10 Metros Where Renters Spend Most Income on Rent
It’s no surprise that California renters are paying the largest percentage of income on rents, according to Zillow data released Friday.
Miami, By Dori (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Nationally, renters are paying 30.1% of their income on rents. But the largest California markets are well above that figure with Los Angeles renters shelling out 48.2% of income on rent and San Francisco renters spending 44% of their incomes, according to a Zillow news release.
The improving economy is sparking growth in housing, says Zillow’s chief economist Stan Humphries.
“Unfortunately, the supply of affordable homes, especially affordable rentals, is insufficient in many areas to meet this growing demand,” he says.
Meanwhile, Miami is hitting renters’ paychecks at 44.2% and New York came in as the No. 5 least affordable metro area.
Top 10 Metros Where Renters Spend Most Income
1. Los Angeles, 48.2%
2. Miami, 44.2%
3. San Francisco, 44%
4. San Diego 43.2%
5. New York, 41.6%
6. San Jose, 39.4%
7. Riverside, Calif., 36.4%
8. Boston 33.8%
9. Denver, 33.4%
10. Sacramento, 33.2%