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In the poignant words of American political activist, Vietnam War veteran, and voice of the people, Jimmy McMillan, “THE RENT IS TOO DAMN HIGH.” McMillan uttered these words nearly a decade ago and they still resound with many Americans, so much so that Saturday Night Live spoofed it on a Weekend Update segment.
The general rule of thumb is that no one should exceed 30% of their monthly gross income on housing-related expenses, including rent and utilities. Those that spend 50% or more of their pay on housing costs are categorized as severely cost-burdened households. The reality is that many spend somewhere in between.
But there’s good news! In September, as Business Insider points out, rents declined on an annual basis in more than half of the country’s 35 largest markets, marking the first time in six years this has happened. Cities like Portland, Oregon and Seattle, Washington have enjoyed the biggest rental drops at 2.7% and 2.2%.
Here are 10 major cities where rent is falling the fastest, according to data from Zillow.
10. Indianapolis, Indiana
September rent change Year over Year: -1.2%
September Zillow Rent Index: $1,195
9. St. Louis, Missouri
September rent change YoY: -1.2%
September Zillow Rent Index: $1,139
8. Kansas City, Missouri
September rent change YoY: -1.4%
September Zillow Rent Index: $1,264
7. Austin, Texas
September rent change YoY: -1.6%
September Zillow Rent Index: $1,683
6. Boston, Massachusetts
September rent change YoY: -1.6%
September Zillow Rent Index: $2,367
5. Philadelphia, Pennsylvania
September rent change YoY: -1.7%
September Zillow Rent Index: $1,566
4. Chicago, Illinois
September rent change YoY: -1.9%
September Zillow Rent Index: $1,635
3. New York, New York
September rent change YoY: -1.9%
September Zillow Rent Index: $2,370
2. Seattle, Washington
September rent change YoY: -2.2%
September Zillow Rent Index: $2,169
1. Portland, Oregon
September rent change YoY: -2.7%
September Zillow Rent Index: $1,833
*****
Now, I present to you, simply for your viewing pleasure, Jimmy McMillan:
[h/t Business Insider]