Forty-six percent of Charlotte’s renters are cost-burdened, according to a new study by Apartment List.
Nationwide figures are even higher, with 51.8% of renters being cost-burdened and spending almost 30% of their income on rent, the study said.
The median rent for a two-bedroom apartment in Charlotte is $1,100, an 8% increase over last year. The upward trend in rent prices makes it difficult for would-be homeowners to save downpayment money. Despite that, the study found that 52% of Charlotte renters are planning to buy a home.
San Francisco topped the list for highest rent. A two-bedroom apartment there will cost $4,750, but the city had the lowest cost-burden rate – 42.5% – of all the large cities studied. Florida topped the list for worst rental affordability; sixty percent of renters in Miami and surrounding cities are cost-burdened.
The median price of a two-bedroom apartment in North Carolina is $860, up 5.8% over year-ago figures. Fifty-one percent of North Carolina renters are cost-burdened, according to the study.
For city and state data, see ApartmentList.com.