Americans who are struggling financially are in a tough bind: Buying a home is pretty much out of question, but renting is increasingly difficult as well. Across the nation, rents are increasing due to growing demand. Even cities that you wouldn’t have thought of as hot markets ten years ago are exploding. But not all cities are experiencing the same amount of growth: For example, San Francisco rent may be sky high, but it is Aurora, Colorado, that has seen the highest percentage of rent increases. Take a look at the top 100 cities where rent just keeps climbing.
Rents have been on a constant, steady rise pretty much all over the U.S. in the past years. Over the past decade, some cities like NYC or San Francisco have become utterly unaffordable for the average renter. Interestingly enough, when it comes to mapping out where rents have increased the most over the past ten years, these cities aren’t the only ones in the spotlight.
Housing prices in the U.S. aren’t what they used to be. They have been rising steadily over the past decade, so much so that the classic American dream of owning a house with a white picket fence is a thing of the past. It’s getting harder and harder to live in urban America for both homebuyers and renters. Saving up for a downpayment could take more than a lifetime for the average homebuyer, and people are buying their first homes a lot later in life.
Renters don’t have it easy, either. People are getting married and having children much later in life, choosing instead to focus on their careers. The influx of tech-savvy, educated workers to some parts of the country, like San Francisco, Oakland, or Austin, has pushed rental rates there to all-time-highs.