Boston’s rental market is notorious for being oversaturated and overpriced, but that’s just like everywhere else…right?
CashNetUSA compared cities across the United States to see how renter-friendly they are, and Boston’s results don’t seem too great for locals looking to find cheap housing.
The report used the convention that rent or mortgage payments make up 30% of a person’s annual income and compared the average salary between cities.
While in cities like Hartford or Detroit, average income means being able to afford 90% of the properties, in Boston, a person with the average income can afford about 9.3% of the total properties.
The study also compared the square footage a person could rent with an average salary. While cities like Indianapolis had 1,274 square feet available for the average income earner, Boston has a majestic 534 square feet, with Cambridge not far behind at 602 square feet.
In June, Boston’s median rent topped $3,000 per month and increased another 2% in July, according to Apartment Advisor. Not surprisingly, median income is not keeping pace with these increases.
Read the CashNetUSA report here, via Digg, and see how Boston compares to other cities.
Stay up to date with all the latest news from Boston.com
USA News Gb1