Rental Prices Are Skyrocketing In These Southern Cities, Here’s Where To Find Cheaper Living
Rental prices are at an all-time high, but you can avoid breaking the bank.
"For Rent" sign in front of a house.
If you rent in the U.S., you know rental prices have been increasing steadily over the past few years. A 2022 study by Redfin reveals that the price of rent is up over 30% in "many major metro areas."
The data revealing which Southern cities made the list of "Top 10 Metro Areas With Fastest-Rising Rents Year Over Year" may come as a surprise to some.
Austin, TX claimed the #1 spot with rental prices increasing 40% over the course of the year. Several Florida cities also made the cut. The list includes Miami at #6, West Palm Beach at #7, Fort Lauderdale at #8, and Jacksonville at #9.
This rapid increase has left some locals to reconsider their options when deciding to renew their lease or even relocate to a more affordable area.
Others have no choice but to move when they face 2x the increase in rent, as per this Tweet.
Have to move again \nMother of a rent increase; more than 2x the raise I just celebrated too early.\nLandlord says, "well, at least it isn't as high as the rest of the market increased".\nYou mean the mrkt I now have to go find a new rental in? His sentiment is oh so comforting ha— Bryce_GfxDriverGuru (@Bryce_GfxDriverGuru) 1648133593
For those seeking a lower cost of living, relocation is a priority. Data from a study by GoodHire reveals the most affordable places to live and work in the U.S. this year.
Southern cities that made the "Top Ten Most Affordable" list include Huntsville, AL (#5), Charleston, SC (#6), Fayetteville, AR (#7), and Spartanburg, SC (#10).
It is also worth considering the top cities with the best job markets. Goodhire's list includes Spartanburg, SC (#2), Savannah, GA (#3), Naples, FL (#6), Phoenix, AZ (#9), and Palm Bay, FL (#10).
These hubs are worth considering when factoring in income, compared to the overall cost of living in the South.
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