A new report from the New York Times suggests that renting a home is becoming less affordable in major cities, namely Los Angeles, Miami, and San Diego. Affordable rent is typically defined as being less than 30% of a household’s median income.
The spike in costs is being attributed to high demand and a tightening supply. In some cases, buying is considered the better option, especially if renters are looking to establish a long-term residence within a city. As usual, all cases are different, and it is best to consult with a real estate professional before making any decisions.