The average national rent rose to $1,468 in February, representing a 3.2% increase from the same time last year.
Areas that have seen the highest increases in rent also reflect movements concomitant with the average price of a home sale.
As expected, Seattle’s growth in average rents has seen significant price increase reflecting its torrid housing market. Seattle’s rents climbed an average of $113 for apartments year-over-year.
Manhattan continues to be the priciest market for rentals in the country with the average rent priced at $4,208 per month. The city with the lowest average rent was Wichita, Kansas, where the average apartment rent was $665 per month.
The COVID-19 pandemic continues to affect the rental market with fewer people looking and searching both in person and electronically for apartments during the week of March 11th through 17th.
MORTGAGE PAYMENTS
The average monthly mortgage payment in the United States is $1,029 (2016).
When you add in other housing costs such as property taxes, association dues, utilities and maintenance costs, the median cost of housing jumps to $1,491 for homeowners with a mortgage.
First-time borrowers faced a mortgage payment of $1,235 — 21% more than the average homeowner.
These are the areas with the highest average mortgage payments:
CITY PAYMENT % of Inc
Washington DC $1,784.00 15.47%
Hawaii $1,747.00 19.82%
California $1,642.00 19.06%
New Jersey $1,355.00 14.28%
Massachusetts $1,333.00 14.50%
Maryland $1,326.00 15.21%
New York $1,317.00 15.06%
Hawaii $1,747.00 19.82%
California $1,642.00 19.06%
New Jersey $1,355.00 14.28%
Massachusetts $1,333.00 14.50%
Maryland $1,326.00 15.21%
New York $1,317.00 15.06%