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You think renting is the way?

By
Real Estate Agent with StoneHouse Realty, Inc

Think it's hard affording a home here? Pity the poor renter.

Last year a Northern Virginia worker needed to make $24.73 an hour ($51,438.40 a year) to afford the average $1,286 fair market rent for a two-bedroom apartment, says the non-profit Center for Housing Policy in Washington, D.C. That is out of reach for most of the service industry workers - the burger flippers, hotel workers and sales clerks - that keep the DC/VA/MD economy humming. Even an entry-level worker in a white collar job might have trouble making that much.

To be fair, paychecks of sales clerks and service workers fell short of rents in all 210 metropolitan areas studied.

DC/MD/VA tenants didn't even get the advantage of falling home prices last year. Local workers needed to earn an additional $2,433.60 last year to cover the increase in rent from 2006.

Want a real deal on rents? Move to Brownsville, Texas, where you only need to may $9.87 an hour ($20,529.60/year) to afford the $513 rent for a two-bedroom.

Here's a PDF version of the full report on rental affordability: CLICK HERE

Comments (4)

Jonelle Simons
Windermere Real Estate - Park City, UT

Wow - Informative post!  It's the same here in Park City though - I rent a 2 BR I have out for $1200/mo!

Jonelle Simons
Windermere Real Estate - Park City
http://www.jparkcity.com 

Feb 06, 2008 01:13 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Interesting information Scott. Texas is looking pretty good right now.  I bet some of my clients would like to know that info.
Feb 06, 2008 01:20 PM
Chelle Gassan
RE/MAX Regency and Staged Homes VA - Bristow, VA
NOVA Realtor and Stager
Wow...that is great information.  I knew rental prices were up, but it is interesting to see how they don't correlate with the downturn in home sales.
Feb 07, 2008 01:13 AM
Denise Allen
Resh Realty Group - Chesapeake, VA
Realtor@ Chesapeake, Hampton Roads
We have renters negotiating lower rental rates in the houses they are in now or will be leaving at the end of the lease.  There are bunches of homes for rent here.
Feb 09, 2008 11:07 AM