Some 50.9 percent of Boston-area tenants pay at least 30 percent of their income in rent, according to an analysis from research site the Apartment List. The analysis tracked income and rents in major U.S. markets from 2005 through 2015.
Interestingly, the Boston region lines up with the nation overall: 50.6 percent of U.S. renters pay at least 30 percent in income on rent (that 30 percent is the general rule of thumb for determining if a household is “rent-burdened” or “cost-burdened”).
And more relative good news: Yes, more than have of Boston-area tenants pay 1 in 3 of the dollars they take in monthly in rent, but at least we’re not Miami, where the share is more than 63 percent. Other particularly afflicted areas include New York, Orlando, and basically all of Southern California.
Here’s how the region stacks up against others in the WAS-BOS corridor.
Some bad news (we guess): What’s tempering the share of rent-burdened Boston tenants isn’t lower rents—they’re not low—but the fact that there are a lot of high-earners in these parts. Income matters, according to the Apartment List. A $3,000 check every 30 days isn’t a lot of if you’re making a few times more than that a month.
Now! If the economy shifts... Well, that could see the share of rent-burdened households in the Boston region bounce significantly.
- Which metros have the most cost-burdened renters? [Apartment List]
- The pessimist’s guide to Greater Boston real estate in 2017 [Curbed Boston]
- Boston remains second most expensive U.S. rental market east of the Rockies [Curbed Boston]