Freddie Mac Releases List of Most Rent-Burdened Metros
On April 2, Freddie Mac Multifamily released a report that surveys the most rent-burdened metros in America, and the results may surprise you. Though you will notice some frequent flyers on the list, such as San Francisco, New York and Los Angeles, you may not have known that cities such as Tampa, Riverside or Virginia Beach made the list as well.
From the report:
“There is neither a perfect data set nor a perfect definition that defines affordability. A limiting factor of the reports is the assumption that anything above 30 percent of income being allocated to rent is considered rent burdened. While this is generally considered a good rule of thumb, a single renter in a high-income area paying 40 percent of their income toward rent may still be much less rent burdened than a renter supporting a family in a lower income area who is paying 30 percent toward rent.”
Top 20 Most Rent-Burdened Metros, according to the report are:
- San Diego
- Los Angeles
- New York
- New Orleans
- San Jose
- Virginia Beach
- Las Vegas
- San Francisco
You can read the full Freddie Mac report here.