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If you’re like me, you’re at the age where your friends are starting to post photos of their first house on Facebook. The irony is that just five years ago, some of them were crashing on couches and funneling Four Loko for breakfast. God damn, they grow up so fast.
But, I am not there yet. Sad face. I am throwing a fat chunk of my paycheck into an over-priced shoebox of a Brooklyn apartment. I have nothing to call my own. The good news for me, I guess, is that rents are plunging in NYC and other most expensive cities in the U.S.
But, according to Business Insider, renters in America spent a record amount of money on housing in 2017.
They paid $485.6 billion to landlords, about 1% more than they did in 2016, according to Zillow. This was the slowest pace in recent years because more renters transitioned into homeownership.
The total value of America’s housing market rose this year to $31.8 trillion. It was a 6.5% increase and the fastest pace in four years.
Here are the 15 cities where rents increased the most in 2017.
Via Business Insider:
15. Dallas-Fort Worth, Texas
Total rent paid: $11.8 billion
Annual change in rent paid: 2.4%
14. St. Louis, Missouri
Total rent paid: $3.1 billion
Annual change in rent paid: 2.7%
13. Kansas City, Missouri
Total rent paid: $2.7 billion
Annual change in rent paid: 3.2%
12. Atlanta, Georgia
Total rent paid: $8.9 billion
Annual change in rent paid: 3.3%
11. Los-Angeles-Long Beach-Anaheim, California
Total rent paid: $38.6 billion
Annual change in rent paid: 3.6%
10. Cincinnati, Ohio
Total rent paid: $2.4 billion
Annual change in rent paid: 4%
9. Tampa, Florida
Total rent paid: $5 billion
Annual change in rent paid: 4.2%
8. San Diego, California
Total rent paid: $9.6 billion
Annual change in rent paid: 4.3%
7. Sacramento, California
Total rent paid: $4.4 billion
Annual change in rent paid: 4.6%
6. Phoenix, Arizona
Total rent paid: $7.1 billion
Annual change in rent paid: 4.7%
5. Seattle, Washington
Total rent paid: $9.4 billion
Annual change in rent paid: 5.6%
4. Portland, Oregon
Total rent paid: $4.8 billion
Annual change in rent paid: 6.1%
3. Charlotte, North Carolina
Total rent paid: $3.3 billion
Annual change in rent paid: 7.3%
2. Minneapolis-St Paul, Minnesota
Total rent paid: $5.2 billion
Annual change in rent paid: 7.6%
1. Las Vegas, Nevada
Total rent paid: $4.2 billion
Annual change in rent paid: 7.8%
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[h/t Business Insider]