Topeka housing market one of most affordable in U.S.
TOPEKA, Kan. (WIBW) - Another national report - this time from LawnLove.com - has ranked Topeka’s housing market among the most affordable in the nation.
Lawn Love says renters have felt the pain of the housing crisis, with record-breaking rental prices making it even more difficult than ever to save for a home. With the median rent in the U.S. surpassing $2,000 per month, it said it compared 185 rental markets to determine 2022′s Most Expensive Metro Areas to Rent.
Lawn Love noted that the study considered average rent prices - including year-over-year change - renters insurance premiums and the share of renters spending 30% or more of their income on rent and utilities. Considering real estate companies have taken to flipping foreclosed homes to rent at exorbitant rates, it said it also factored in the number of Real Estate Investment Trusts.
The study found the 10 most expensive markets to be:
- New York - Newark - Jersey City, N.Y., N.J., Penn.
- Miami - Fort Lauderdale - Pompano Beach, Fla.
- Naples - Marco Island, Fla.
- Oxnard - Thousand Oaks, Calif.
- San Diego - Chula Vista - Carlsbad, Calif.
- Los Angeles - Long Beach - Anaheim, Calif.
- Urban Honolulu, Hi.
- North Port - Sarasota - Bradenton, Fla.
- Napa, Calif.
- San Jose - Sunnyvale - Santa Clara, Calif.
The study also found the 10 least expensive markets to be:
- Lake Charles, La.
- Grand Forks, N.D., Minn.
- Fargo, N.D., Minn.,
- Odessa, Texas
- Columbus, Ind.
- Des Moines - West Des Moines, Iowa
- Davenport - Moline - Rock Island, Iowa, Ill.
- Topeka, Kan.
- Pittsburgh, Penn.
- Sioux Falls, S.D.
Lawn Love noted that larger cities are accounting for larger budgets as well with freshly listed apartments in New York City marked up by as much as 50%. It noted that California is no walk in the park either as half of the top 10 most expensive metros are located in the Golden State. Napa was even found to have the second highest overall average monthly rent price - $2,495.
Meanwhile, Lawn Love indicated that smaller metros generally fared better as the rent was already lower than the national average and lack of housing demand has led to less significant rent increases. Kansas City was even found to have stood its ground through recent rent hikes with an average 1-bedroom still renting for less than $1,000.
The Bayou State, however, was found to be the cheapest to buy residential land as well as the best state to snag a 1-bedroom apartment for less than $700 per month. Lawn Love noted that smaller, more affordable metros came in as most affordable because they lack move-in demand compared with bigger and trendier cities. It said less favorable weather conditions could explain this lack of movement.
To read the full study or see where other metros rank, click HERE.
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