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Renting in the US is expensive, but it’s not necessarily the most expensive of places to live, according to a new study by Zillow Homes.
Zillow Home, which owns and operates the Zillows real estate marketplace, also released a report this week on the rental market, and the data shows that rents in New York City are the most affordable in the nation, even with the nation’s highest unemployment rate and high levels of unaffordability.
The report shows that New York is home to more than 400,000 homes that are affordable to rent in a two-bedroom apartment, the study found.
But it also found that about one-third of those apartments are rentals.
Zillows report is based on the Zacks Real Estate Market Index, which measures the rental vacancy rate, and found that in the last five years, the rental rental vacancy in New England has risen by a median of 8.7 percent, to 3.3 percent.
That is the largest increase in the region.
The study also found the rental availability of apartments is also up in New Hampshire, with New Hampshire’s rental vacancy up by 4.2 percent, while Connecticut’s rental availability increased by a similar rate.
While the report says there are more affordable rentals available than ever before, the fact that rents are so low means that many New Yorkers can’t afford to live here, Zillers CEO Andrew Zill said.
The median annual rent for a one-bedroom is $2,250, while the median annual rental income for a two bedroom is $11,400, according the Zills report.
In New York, that compares to the median income of $61,400 in California, according Zill’s report.
A $500,000 home, for example, will rent for $1,400 a month, while a $250,000 house will rent at $1.25 a month.
Ziller said that the Zellers data is based upon ZillOW’s real estate index, which is a way of measuring the cost of a single-family home or apartment.
Zillowitz also said that ZillOWS estimates that New Yorkers will need to spend more than $100 billion to build enough affordable housing over the next decade to meet demand.
The number of new rental units built per year will increase by about 100 percent, and Zill is predicting that the number of apartments will increase even more by 20 percent, he said.
There is also a strong correlation between the cost and the availability of rentals in New Orleans, where Zilloves data found that the median monthly rent is $1 of a $500K home.
But the average rent in New Jersey, where the study was based, is $3.50 a month.
«We are seeing a huge increase in demand, and so the housing supply is really low, and there is a shortage of housing, which has led to this dramatic increase in rents,» Zillower said.
«It’s a very challenging situation for the average homeowner.»
New York City is home all over the country, with more than 800,000 single-parent homes in the city, according data from Zillowers.
In the last four years, nearly half of those homes have been rented out, and another 10 percent of them have been sold, according its report.
Rents in New Mexico have also been rising, and it’s predicted that the average household in the state will need $15,600 to rent an apartment by 2035, the Ziller said.
While it’s the case that New Jersey has the lowest number of affordable rental units available, the city’s median rent in 2017 was $1 per month, which was down from the $1 a month that Zellows measured for the entire city.
Zellow said the city of Los Angeles is also seeing a large increase in affordability.
The Zellowers report also found a strong link between housing costs and housing supply, with the supply of affordable housing falling by about half, from 5.5 percent in 2016 to 3 percent in 2017.
The number of rental units that are needed to house a household is also declining, Zellovs report found.
Renters also pay a higher price for the same type of home.
The average rent for an apartment is $4,800, while it costs $4.75 to rent a two unit apartment, according a Zillov report.
The affordability index, Zills study also noted, does not account for taxes, property taxes, or other city-provided services that might be a part of the market.
In many cases, the number one factor influencing an individual’s decision to rent or buy is the location they live in, said Zillowski.
«That’s where they’re most comfortable and where they’ll get the most value out of their money,» he said, adding that New Hampshire and Connecticut are the two states that are most affordable for renters