By Mike Sunnucks | Rose Law Group Reporter
A new study identifies the most affordable rental markets in the U.S.
The research by RefiGuide.org looked at housing and income data from Zillow and U.S. Bureau of Labor Statistics and determined the U.S. markets where renters have the most income after paying monthly rent.
The list is dominated by Rust Belt cities and towns where cost of living is low (and jobs and economic growth have not necessarily been robust). Danville and Bloomington, Illinois top the list where residents on average have 81 percent and 78.4 percent of their income left after rent.
The only city in Arizona and the Western U.S. to make the top 50 for rent affordability is the Sierra Vista and Douglas areas in the far southeastern part of the state.
Residents in Sierra Vista Douglas have 70.6 percent of their income left on average after paying rent. The area is home to the Fort Huachuca Army base.
No other Arizona or Western cities make the list which is dominated by cities and towns in the Midwest.
The Phoenix metro area has actually had some of the largest annual increases in rents this year with the proliferation of new ‘luxury’ apartments.
According to CBRE, apartments rents were up 8.2 percent in metro Phoenix in third quarter compared to a year ago. They increased 7.6 percent in Scottsdale.