How to Avoid a ‘Cox’ Life in the U.S.
Residential rates in the United States are the most expensive in the world, according to a new study from Wells Fargo, but that’s nothing compared to the price of renting a home.
Wells Fargo surveyed more than 50,000 renters and found that median rents for U.C. Berkeley homes are $1,719 a month, a 7 percent increase from last year.
The median monthly rent in the Dallas-Fort Worth area, meanwhile, is $1.26 million, a 2.7 percent increase.
The average monthly rent for a studio apartment is $2,917 a month.
For comparison, in the Chicago area, the median monthly rental rent is $3,898 a month and the median rent for an apartment is just over $1 million.
Wells says that despite the fact that the median rents have jumped, rents in the city are still about the same as they were before the housing bubble burst.
In the Dallas area, for example, the average rent for the two-bedroom unit is $4,764, up nearly 6 percent since the recession hit.
The most affordable rental market in the country is the Chicago-area, where the median price of a two-bed unit is just under $1 a square foot.
But that market is becoming more expensive as rents continue to skyrocket, according a Wells Fargo study.
The study, which is available on the company’s website, found that the average rental price in the metro area for a two bedroom was just $2.34 million, an increase of over 10 percent from last season.
It’s also the highest median rent in Dallas-area cities.
For example, in Dallas, the highest monthly rent was $3.26 per square foot for a three-bedroom apartment.
The metro area’s second highest monthly rental price is just $1 per square feet for a one-bedroom, according the Wells Fargo report.
Meanwhile, the cheapest rent in Texas, for a four-bedroom home, is just 3.5 percent below the national average, according Wells Fargo.
The Wells Fargo survey also found that rents in Austin-area suburbs are the cheapest in the state.
The survey found that in Austin, rents for a single-family home are just 3 percent below national average.
For a two-, three-, and four-bed home, rents are just 1 percent below and just 1.4 percent below their respective national averages.
But in the Austin-Bergstrom area, where rents are up by nearly 7 percent since last year, rents have nearly doubled to $1 an hour for a unit.
For the other Austin-based areas, rents increased more than 6 percent.