Tale of Two Americas: Rental Rates Infographics
RentersInsurance.org has developed a two part infographic that displays the highest and lowest rent areas in the United States.
New York, NY, April 07, 2010 --(PR.com)-- RentersInsurance.org has developed a two part infographic that displays the highest and lowest rent areas in the United States.
Highest Rents In The USA (INFOGRAPHIC)
Lowest Rents In the USA (INFOGRAPHIC)
With job losses and wage reductions forcing many Americans to miss mortgage payments, default on their homes, or be forced to declare bankruptcy, people are increasingly turning away from home ownership in favor of the renter’s market.
Unsurprisingly, the most expensive places in the country to rent were grouped on the coasts and the cheapest rental rates generally corresponded to the Midwestern and southern states, according to U.S. Census data obtained from Census.gov.
What may come as a surprise to some, however, is that decent rental rates can be found in coastal states as long as prospective renters are not drawn to the more populous areas.
For example, although the average rental rate in California is around $1,100 a month, much of that total is skewed by rental rates in metropolitan areas like Los Angeles and the San Francisco Bay Area, where rates in the encompassing Marin County reach an average of over $1,500 a month. As such, much of the more rural (but equally temperate) northern parts of California have monthly rental rates more than half that of the more expensive regions. However, if you’re looking for similar deals in a geographically limited state like Hawaii or New Jersey (around $1,300 and $1,100 per month, respectively), you’re out of luck.
At the lower end of the renting spectrum sit the heavily rural states like North Dakota and Wyoming, sporting average rents of around $500 and $600 each. However, a number of states with a few larger cities still managed to fair well in the renter’s market, with Mississippi, Alabama and Kentucky all making the cheap list.
And the cheapest place to rent in the entire country? That honor goes to Monroe County in Alabama, where the average rental rate is under $400 per month. Other states with cheap average rental rates include Iowa, Oklahoma, West Virginia and Arkansas.
Despite the seemingly unaffordable prices offered by the coastal states in comparison to their cheaper landlocked counterparts, it turns out that it may actually be even worse to be a home owner in those areas. In Florida, for example, the average cost of a monthly mortgage payment can be more than twice that of a monthly rent check in the more popular development areas. So while renters in the Midwest can expect to enjoy lower rent than their coastal counterparts, renters everywhere can take solace in the knowledge that at least they aren’t among those unfortunate home owners who are stuck trying to piece together payments on a house they can’t afford.
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Highest Rents In The USA (INFOGRAPHIC)
Lowest Rents In the USA (INFOGRAPHIC)
With job losses and wage reductions forcing many Americans to miss mortgage payments, default on their homes, or be forced to declare bankruptcy, people are increasingly turning away from home ownership in favor of the renter’s market.
Unsurprisingly, the most expensive places in the country to rent were grouped on the coasts and the cheapest rental rates generally corresponded to the Midwestern and southern states, according to U.S. Census data obtained from Census.gov.
What may come as a surprise to some, however, is that decent rental rates can be found in coastal states as long as prospective renters are not drawn to the more populous areas.
For example, although the average rental rate in California is around $1,100 a month, much of that total is skewed by rental rates in metropolitan areas like Los Angeles and the San Francisco Bay Area, where rates in the encompassing Marin County reach an average of over $1,500 a month. As such, much of the more rural (but equally temperate) northern parts of California have monthly rental rates more than half that of the more expensive regions. However, if you’re looking for similar deals in a geographically limited state like Hawaii or New Jersey (around $1,300 and $1,100 per month, respectively), you’re out of luck.
At the lower end of the renting spectrum sit the heavily rural states like North Dakota and Wyoming, sporting average rents of around $500 and $600 each. However, a number of states with a few larger cities still managed to fair well in the renter’s market, with Mississippi, Alabama and Kentucky all making the cheap list.
And the cheapest place to rent in the entire country? That honor goes to Monroe County in Alabama, where the average rental rate is under $400 per month. Other states with cheap average rental rates include Iowa, Oklahoma, West Virginia and Arkansas.
Despite the seemingly unaffordable prices offered by the coastal states in comparison to their cheaper landlocked counterparts, it turns out that it may actually be even worse to be a home owner in those areas. In Florida, for example, the average cost of a monthly mortgage payment can be more than twice that of a monthly rent check in the more popular development areas. So while renters in the Midwest can expect to enjoy lower rent than their coastal counterparts, renters everywhere can take solace in the knowledge that at least they aren’t among those unfortunate home owners who are stuck trying to piece together payments on a house they can’t afford.
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Renters Insurance
Josh Dwight
540-631-0505
www.rentersinsurance.org/
Josh Dwight
540-631-0505
www.rentersinsurance.org/
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