Additional Coverage:
- Here are the 8 top cities people are moving to for cheaper rent (newsbreak.com)
Rent Skyrockets, Forcing Consumers to Relocate or Downsize
Rent payments have soared, prompting consumers to seek more affordable housing options. According to Bank of America, the average renter’s payment has increased by 3.7% in the past year.
This surge in rent prices is causing people to move to cheaper cities or downgrade within the same city. Renters, who are typically younger and have lower incomes, are particularly sensitive to price increases.
Bank of America’s analysis of customer address changes reveals that the Northeast and West have experienced a significant exodus of consumers. Cities like New York, Boston, San Francisco, and Los Angeles are seeing the highest outflows as residents are priced out.
Conversely, consumers moving to Southern states have faced only a 2% increase in rent, which is below the rate of inflation. The Midwest has also become a popular destination for those seeking lower housing costs.
Bank of America has identified eight cities where people are moving to for cheaper rent:
- Cleveland, OH: Median asking rent: $1,350
- Indianapolis, IN: Median asking rent: $1,396
- Las Vegas, NV: Median asking rent: $1,475
- Columbus, OH: Median asking rent: $1,459
- Jacksonville, FL: Median asking rent: $1,485
- Austin, TX: Median asking rent: $1,503
- Phoenix, AZ: Median asking rent: $1,505
- Nashville, TN: Median asking rent: $1,561
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- Here are the 8 top cities people are moving to for cheaper rent (newsbreak.com)