A new report comparing rent increases against income growth has shown that Philly rent has grown a lot in the past few years, despite an almost stagnant household income.
Philly ranks number four among major U.S. cities with the largest rent increases, according to the study by SmartAsset. The study found that the average rent was $226 more in 2017 than it was in 2014. Meanwhile, the average household income grew only 2 percent in that time.
“The net result of the rising rent and sluggish income growth is that rent as a percent of income went from 42.7% to 48.7% over that time interval,” SmartAsset said in the study.
Philly ranks just below Detroit, New Orleans, and Long Beach, respectively.
Meanwhile, many of the country’s major cities—those that have long held the title of highest rental price—did not see the same kind of comparative rent increase. It’s mostly mid-sized cities like Sacramento, Charlotte, and Nashville, which all rank below Philly.
Check out the full report here.
- Report: Detroit ranks first in cities with largest rent increases [Curbed Detroit]
- Top 10 Cities With the Largest Rent Increases – 2018 Edition [SmartAsset]