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The Places in America Where Most Income Goes to Rent

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11–20 of 154 posts

Re: The Places in America Where Most Income Goes to Rent

#11

Interesting how many of the salaries in these samples are tied to college towns. Cambridge, College Station, Knoxville, & Chapel Hill just to name a few that I saw.

In the case of Chapel Hill (and I'm sure others as well), it's a bit odd to see it singled out when it's really part of a larger metropolitan area.

If I were living in Chapel Hill, I could also be reasonably working in Raleigh or Durham.

Re: The Places in America Where Most Income Goes to Rent

#12
If I ever found another startup, I'll do it somewhere with significantly lower rents but proximity to a startup hub. For example, the Santa Rosa area fits the bill in SF, and there are areas of New York that are significantly outside of Manhattan or Williamsburg. It's just not worth the runway hit, and those locations force you to try for a certain kind of funding that might not actually fit the startup (or its stage) well. Cities like SF have enormous value to a startup but not so much that you have to be in them day in, day out. There was a time that this was the optimal thing to do, but I think it's passed.

Re: The Places in America Where Most Income Goes to Rent

#13
post #12

If I ever found another startup, I'll do it somewhere with significantly lower rents but proximity to a startup hub. For example, the Santa Rosa area fits the bill in SF, and there are areas of New York that are significantly outside of Manhattan or Williamsburg. It's just not worth the runway hit, and those locations force you to try for a certain kind of funding that might not actually fit the startup (or its stage…

The median home price in Santa Rosa is astronomical. Perhaps you meant Chico, or Corvallis, or something like that.

Re: The Places in America Where Most Income Goes to Rent

#14
post #12

If I ever found another startup, I'll do it somewhere with significantly lower rents but proximity to a startup hub. For example, the Santa Rosa area fits the bill in SF, and there are areas of New York that are significantly outside of Manhattan or Williamsburg. It's just not worth the runway hit, and those locations force you to try for a certain kind of funding that might not actually fit the startup (or its stage…

$650 a month is all you need to pay me for my spare bedroom 1 hour outside NYC with brand new appliances and central air and hardwood floors and high ceilings, etc.

For friends, I even let it go for $500. Only catch is that a monthly commuter pass to NYC is $350, but you dont need a car. This room is perfect for anyone who wants to work remotely without leaving the comforts of the USA.

Re: The Places in America Where Most Income Goes to Rent

#15
I think Minneapolis is an interesting data point on there, since I've been told (and the data here reflects) that housing in Minneapolis is on par with Chicago right now, but the salaries haven't caught up. Minneapolis ranks as one of the worst Annual Salary After Rent cities, even behind LA and Seattle, which comes as a surprise.

Also one thing I've found as I work through a move from an expensive city (SF) to a less expensive one (Minneapolis) is that the things you're getting for the prices shown here are drastically different. I've found 1500sqft 2br/2ba apartments with two parking spots in the Twin Cities for $2300, while that same thing in SF would easily cost $7000. I paid $4500 for a 2br/1ba that was a little under 1000sqft with a single parking space.

Re: The Places in America Where Most Income Goes to Rent

#16
post #12

If I ever found another startup, I'll do it somewhere with significantly lower rents but proximity to a startup hub. For example, the Santa Rosa area fits the bill in SF, and there are areas of New York that are significantly outside of Manhattan or Williamsburg. It's just not worth the runway hit, and those locations force you to try for a certain kind of funding that might not actually fit the startup (or its stage…

The median home price in Santa Rosa is astronomical. Perhaps you meant Chico, or Corvallis, or something like that.

It's pretty high, I'll grant you - but 1/3 that of San Francisco. And the rent is correspondingly lower. Chico etc are significantly lower than that, of course, but they're a longer drive away - Santa Rosa is just an hour on the 101 from SF.

Re: The Places in America Where Most Income Goes to Rent

#18
post #2

The confluence or random circumstance and intentional lobbying that have allowed SF area landlords to ensure that a low stock of housing is maintained in the face of skyrocketing demand is truly fascinating.

Everything always seems behind. When I lived in mountain view, local papers were full of old school residents complaining about nearly finished new housing on Castro that a bunch of googlers would move into. Like... The time to preserve your small town setting passed about 20 years ago lol. It's no longer apricot field town, it's silicon valley, it's staying silicon valley. Why not profit off the rising land values?

Re: The Places in America Where Most Income Goes to Rent

#19

They're skewing the data to fit their narrative by only looking at medium rent for a 2 bedroom apartment.

And they're not actually rating by how much of your salary proportionally is going to rent, but how much of your salary is left over after rent, in absolute dollars. So in College Station, TX, you're paying about 20% of your salary in rent, which is not really a terrible burden, but it's no. 1 on their list.
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