News
New Data Reveals the Most and Least Affordable US States for Renters
- West Virginia has seen the smallest increase in rent prices over the past three years
- Colorado cities have seen the biggest increase in rent prices over the past three years.
- Iowa has seen the second smallest increase in rents prices
Research reveals that West Virginia has seen the smallest increase in rent prices over the past three years. Colorado is the state where major metropolitan areas are the most expensive for renters as of 2023.
Moving Companies Experts MovingFeedback analysed data from Zillow.com to reveal the US states whose major metropolitan statistical areas (MSA) have seen the lowest/highest increase in average rent prices over the past three years.
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West Virginia has seen the lowest percentage rise in rent prices since 2020 of only 12%. In the first three months of 2020, the average rent price in WV was $950.54, compared to an average of $1,066.29 across January, February and March in 2023. This is a 4.5 times smaller decrease than the state with the largest increase, Colorado.
Coming in second is Iowa with a 15% increase in rent prices in just three years. Renters in MSAs were paying on average $947.54 between January and March 2020 and are now paying $1,085.55; a $138.01 increase.
Hawaii ranks as the state who’s major MSAs had the third smallest increase in average prices for renters. In the first three months of 2020, rent prices were $2,283.08. The state has seen a $367.05 increase in price, to an average of $2,650.13 between January and March 2023.
In fourth position is Wyoming where renters have experienced an average 16.45% increase in prices. An increase of $173.26 can be seen in this state over the past three years.
Louisiana places as having the fifth largest increase in rent, going from $1,108.43 in early 2020, to $1,226.59 in 2023; a 17% increase over the three-year period.
In sixth position is North Dakota where the major MSAs’ average rent price has increased from $1,087.38 to $1,296.56, coming in just below Louisiana with a 17.67% increase.
Coming in seventh is Minnesota with a 17.89% increase in rent prices over the past three years. Renters are now paying $1,151.26 compared to $1,357.17 in 2020.
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Kansas is the state with the eighth highest increase in rent prices of 19.54%.
In ninth position is Wisconsin where renters are paying on average $935.81; a $1,133.63 increase compared to 2020.
Massachusetts places tenth in the rankings with a rent percentage increase over the past three years of 21.48%.
Colorado has been named the most expensive US state for renters in its major metropolitan areas. The state has seen the biggest increase in rent prices over the past three years of 54%. In the first three months of 2020, the average rent price in MSAs in the state was $2,439.56, compared to an average of $3,757.93 across January, February and March in 2023. This is a 4.5 times larger increase than the state with the smallest increase, West Virginia.
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Uncover the Dirty Truth of Taxes in Your Retirement
Imagine getting into your retirement only realizing your partner, Uncle Sam, is taking 40%+ of what you thought you would have to spend after decades of hard work. The result? Less time with grandkids, less time to travel with your partner and more time with deep anxiety worrying about where your cash has gone.
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Stephanie Walter
Stephanie Walter is a wealth strategist, capital raiser, syndicator, author and the CEO of Erbe Wealth. She recently retired and sold her insurance agency of 16 years by following the key principles she teaches professionals to use. She teaches professional people to “unlearn” what most of us have been wired to think about money and she re-educates people to learn the secrets of the wealthy investor that can be life transforming.
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Unlock the Secrets of Smart Land Investing
Unlock the Secrets of Smart Land Investing
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City of Reading, PA Redevelopment Authority Sets Date for First Online Auctions with Bid4Assets.com
Four Absolute Auctions Opening Online June 15
READING, Pa., May 26, 2023 — Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the City of Reading, Pennsylvania’s Redevelopment Authority to host a special sale for four properties in need of revitalization.
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“The goal with any sale of this type is to find buyers interested in taking ownership of these properties and restoring them to productive use for the community,” said Jamal Abodalo, executive director of the Redevelopment Authority. “Bid4Assets has a great track record with Berks County in selling foreclosure and tax foreclosures with a local buyer focus. That’s why we’ve chosen to work with them on this group of properties.”
The sale will open to bidders on June 15 from 10:00 AM ET to 2:00 PM ET. All four available properties will start at a $1 minimum bid with no reserve price, meaning that the property will sell to the highest bidder regardless of price. Interested bidders will be required to register a free Bid4Assets account and fund a $500 refundable bid deposit in order to participate. Deposits are due by June 8th. To view the City of Reading’s auction terms and a list of the available properties visit www.bid4assets.com/reading.
Buyers must secure necessary building permits within 90 days of settlement. A residential certificate of occupancy must be obtained within 365 days after securing the building permits. If buyers don’t meet the required terms, ownership will revert back to the Redevelopment Authority. Full terms are available on the Bid4Assets website.
Bid4Assets pioneered online foreclosure auctions in Pennsylvania by conducting the first-ever virtual sheriff’s sale in the state’s history for Montgomery County in 2020. Today Bid4Assets conducts tax foreclosure auctions and sheriff’s sales for counties throughout the state, including Berks County, and across the country.
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“It is a great honor to work with the City of Reading, Pennsylvania’s Redevelopment Authority to find socially responsible buyers for these properties,” said Bid4Assets President Jesse Loomis, “Our focus is to find homebuyers who look at a blighted home and see the potential for what it could be after renovations. I am confident in our ability to provide a sale for the City of Reading that is more efficient, has more qualified bidders and best of all, comes at no cost to the city.”
For more information about Bid4Assets go to bid4assets.com.
Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.
Mortgage Rates Continue to Increase
MCLEAN, Va., May 25, 2023 — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.57 percent.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.”
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News Facts
- 30-year fixed-rate mortgage averaged 6.57 percent as of May 25, 2023, up from last week when it averaged 6.39 percent. A year ago at this time, the 30-year FRM averaged 5.10 percent.
- 15-year fixed-rate mortgage averaged 5.97 percent, up from last week when it averaged 5.75 percent. A year ago at this time, the 15-year FRM averaged 4.31 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
For more information, view the Frequently Asked Questions on Freddie Mac’s main website.
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Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.