Rents in these 5 metros are rising quickly. What it is advisable know earlier than you progress

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Like rising interest rates and rising real estate values prevent more families from purchasing housingrental demand has increased dramatically, and the sunniest states have the highest rents.

The first of 2022 Single-family home rents rose to an average of $2,495 per month in the first half of the year, up 13.4% from the same period in 2021. period. new report from national real estate agent HouseCanary.

While cities with warmer climates such as California and Florida dominated the list of highest median rent prices, Midwestern states such as Ohio earned the top spots for the most affordable rents, according to the report.

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The findings are coming to a growing number of Americans, including some six-figure earnersis living paycheck to paycheck as costs rise.

Annual inflation jumped 9.1% in June.According to the US Department of Labor, it is growing at the fastest rate since 1981. the end

5 US metros with the most expensive monthly rent

In these US metropolitan real estate markets during the first half of 2022 the highest average monthly rent for one family was:

  1. Los Angeles; Long Beach, California; Anaheim, CA: $4,664
  2. San Diego; Carlsbad, CA: $4,617
  3. Bridgeport, Connecticut; Stamford, Connecticut; Norwalk, Connecticut: $4,352
  4. San Jose, California; Sunnyvale, California; Santa Clara, CA: $4,294
  5. Oxnard, California; Thousand Oaks, California; Ventura, CA: $4,259

5 US metros with the cheapest monthly rent

In these US metropolitan real estate markets during the first half of 2022 for half a year, the monthly rent prices for a single family were the cheapest.

  1. Mobile, Alabama: $1,419
  2. Dayton, Ohio; Kettering, Ohio: $1,412
  3. Wichita, Kansas: $1,397
  4. Akron, Ohio: $1,361
  5. Canton, Ohio; Massillon, Ohio: $1,314

Remote work can hold back salary growth

The pandemic has accelerated the trend of leaving expensive coastal cities for more affordable places as more and more Americans switched to working remotely.

Also, record numbers of US home buyers are still looking for cheaper options from cities like San Francisco, Los Angeles and New York. July report from Redfin. However, working remotely can be hidden.

While many have enjoyed the benefits of telecommuting, research shows this can hold back wage growth over time, according to a working document published by the National Bureau of Economic Research.

There may be other “hidden” moving costs

Experts say that moving to a cheaper neighborhood can lower your rent or mortgage, and other unexpected expenses can wreak havoc on your budget.

“Losing a network or a village is a big hidden cost,” said certified financial planner Bill Parrott, president and CEO of Parrott Wealth Management in Austin, Texas.

Losing a network or a village is a big hidden cost.

Bill Parrott

President and CEO of Parrott Wealth Management

Without access to friends and family, costs like childcare, pet care and other costs can add up quickly, he said.

Travel from a smaller city can be more expensive depending on your airport or transportation options, said Caleb Pepperday, a CFP and JFS Wealth Advisors based in Pittsburgh.

“It’s best to research some of these costs before moving to a new city to help make the decision,” he said.

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