Apartment List releases findings on North Carolina affordability, 100 U.S. cities

Though Asheville didn’t make the list of 100 U.S. cities in this study, statistics for North Carolina may still be interesting to residents in WNC.

From Apartment List:

With 2015 coming to a close, we at Apartment List wanted to highlight the top rental trends and stories for the year. You can read the full report and access additional data on our blog, but here are a some of the highlights you might be interested in.

• A 2-bedroom apartment in North Carolina has a median price of $860, which is up 5.8% over last year.
• 51% of renters in North Carolina are cost-burdened, spending more than 30% of their income on rent.
• North Carolina renters give their state a B+ overall. This puts it at 14th place in our ranking of US states
• 60% of renters in North Carolina intend to purchase a home.

For the U.S. as a whole:

Homeownership

The US homeownership rate fell to 63.4% in the second quarter of 2015 – the lowest level since 1967. It recovered in Q3, to 63.7%, but is still ~5% below pre-recession levels. According to our research, most millennials still plan to purchase homes, but only after 2018. In the meantime, more young adults are continuing to live with their parents – the share of 18-34-year-olds living with their parents rose this year to 31.5%, from 27% in 2005.

Rents

Rents continue to climb in many cities and states, with 2-bedroom rents in the United States increasing 4.0% YoY in 2015. San Francisco continues to be the most expensive city in the country – a 2-bedroom apartment there will set you back $4,750 every month – but rents are increasing quickly in Denver, Austin, and Los Angeles as well.

Affordability

With rents rising nationwide, affordability continues to be an issue for renters in many cities and states. Nationwide,51.8% of renters are cost-burdened, spending more than 30% of their income on rent – a level which likely limits their ability to save for the down payment on a home. Rental affordability was the worst in Florida, with more than 60% of renters in Miami, Hialeah, and Fort Lauderdale being cost-burdened. Surprisingly, San Francisco had the lowest cost-burden rate of the large cities we examined (42.5%).

City satisfaction

Despite the challenges with affordability, many renters remain upbeat and optimistic about their city. We asked 18,000 renters to rate their city’s economy, safety, schools, and other qualities, and received some interesting results. Plano, TX received the highest marks overall, with Boston and Arlington, VA taking second and third place respectively. Overall, mountain states graded particularly well, with Utah, Idaho, and Colorado all scoring in the top five states.

For those interested, click here for additional data. Have a great holiday!