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Rents taking bigger bite out of paychecks

Posted by Scott Van Voorhis May 9, 2014 07:44 AM

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That two-bedroom apartment just keeps on getting more expensive.

It now takes 43 percent of the average wage in Boston to swing the median rent on a two-bedroom apartment, Trulia reports.

That's well outside the comfort zone of 30 percent of income going to either rent or a mortgage.

The only good news is that rents increased just 2.5 percent in Boston over the past year, to $2,300 for a two bedroom.

Here's the rather rustic second bedroom in a Fenway pad available Sept. 1 - if you have the $4,000 a month needed to rent it.

Fenway two bedroom.jpg

That's compared to a 17 percent increase in San Francisco, where the median-rent for a two bedroom is $3,450.

OK, the apparent leveling off of years of relentless Boston rent hikes is probably not unrelated to the apartment construction boom, even if they are all super luxury units.

Also, if we think we have it tough here, try renting in New York or Miami, where it takes 62 percent of the average paycheck to afford a two-bedroom.

Still, at least Miami is sunnier!

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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