Renters Face Steep Costs in Job Havens

San Jose, right at the heart of Silicon Valley has the most unaffordable rental market in the nation according  to a report by Madvalorem. Just another reason to buy a home rather than continue to get robbed by a greedy landlord. 


Some of the fastest growing job markets are also becoming some of the least affordable with rental costs, according to a new report by Madvalorem, a real estate database for property searches. High demand is leading rental costs to soar.

Madvalorem, in analyzing Census and other data, provides the following snapshot of rental costs among the top hiring job markets:

1. San Jose, Calif.
Median rent: $2,570
Income to rent: 37.69%

2. San Francisco, Calif.
Median rent: $3,715
Income to rent: 58.97%

3. Raleigh-Durham, N.C.
Median rent: $1,051
Income to rent: 23.16%

4. Washington, D.C.
Median rent: $2,254
Income to rent: 41.09%

5. Seattle, Wash.
Median rent: $1,791
Income to rent: 32.92%

6. Boston, Mass.
Median rent: $2,900
Income to rent: 64.92%

7. Austin, Texas
Median rent: $1,463
Income to rent: 32.54%

8. Baltimore, Md.
Median rent: $1,600
Income to rent: 46.39%

9. Denver, Colo.
Median rent: $1,595
Income to rent: 38.04%

10. Salt Lake City, Utah
Median rent: $999
Income to rent: 26.14%


Source: RealtorMag Online
http://realtormag.realtor.org/daily-news/2015/06/15/renters-face-steep-costs-in-job-havens?om_rid=AAFmZk&om_mid=_BVfxYmB9CqZN0o&om_ntype=RMODaily