The Cost of Renting Continues to Climb

The Cost of Renting Continues to Climb

Naturally, affordability is a concern for anyone deciding whether they'll rent or buy their next home. Buying a house is a significant undertaking and involves a number of costs and responsibilities that renters don't have to worry about. That, however, doesn't necessarily mean that renting is always going to be the more affordable option. In fact, rent has been climbing for years and continues to increase, according to a recent analysis from ABODO.

The analysis determined that the average renter last year paid $1,001 per month for a one-bedroom home and the average month-over-month increase was .67 percent. In short, the average rent increased about $85 from where it was at the beginning of last year to where it ended up at the end of the year. Still, when looked at on a state-by-state basis, rental prices vary greatly.

For example, the average rent in states like Georgia, Tennessee, and North Carolina is far lower than it is in areas like the District of Columbia, California, and New York.

Rents in the Hayward area tend to be lower than the metro areas of Madison, Milwaukee and the Twin Cities.  Additionally the Hayward area has little to offer in terms of rental opportunities, just ask anyone who has recently moved here. Many who seek to rent for awhile often find it financially beneficial to purchase since our area has many affordable homes to offer.