A study looking at the state of the most affordable cities for renters nationwide, reveals Texas holds solid positions, among other states across the country, with numerous metros scoring favorably and three cities being ranked among the top 15. — Marcus Hiles, the state’s leading provider of luxury rental communities, credits the impressive standings to the Lone Star State’s ability to generate well paying jobs, explaining that the high average income allows for landlords to maintain market rates and improve their properties without burdening renters. Hiles, as the CEO of Western Rim Property Services, creates inspired homes surrounded by scenic landscapes, state of the art amenities, and comprehensive lifestyle services.
Utilizing U.S. Census Bureau data, apartment search website RENTCafé conducted a study of the 100 largest cities in the nation, comparing median incomes to rent figures to determine the most affordable U.S. cities to live in. Based on the results, three north Texas cities - Plano, Irving, and Garland - placed in the top 15 best places for renters, with residents retaining on average as much as $43,000 after all living costs. Dallas and El Paso, followed closely by Austin and San Antonio, also achieved impressive income to rental price ratios. Citing ATTOM Data Solutions’ 2017 Rental Affordability Report, Marcus Hiles noted that in Dallas/Fort Worth, renting is already more cost efficient than owning a house, a trend that is expected to continue throughout 2017 as mortgage rates and home prices continue to rise. Rounding out the Texas metros scoring in the top 50 were Houston, Corpus Christi, and Fort Worth, with residents spending slightly over 30 percent of their income each month on housing.
Hiles indicated that a common factor among the cities to make the list was the presence of major employers in rapidly growing sectors like technology and healthcare and a higher than average young adult population. For example, in a new study from personal finance website NerdWallet, Austin, TX was rated as the best metro in the country for high paying jobs and affordability. Here, the thousands of jobs provided by Dell, Apple and IBM combined with an eclectic nightlife and live music scene have caused young professionals from around the country to flock to Austin, and they are seeking rentals at reasonable rates. “Affordability is a key part of why millenials are deciding to move to the Midwest, as opposed to job centers on the East or West coast,” Realtor.com Chief Economist Jonathan Smoke told Construction Dive in November. “There is a huge disparity in how many dollars are needed to get a home in Des Moines versus San Francisco”.
Marcus Hiles is a real estate expert specializing in the development and operation of luxury rental communities throughout the state of Texas. A graduate of Rice University, Hiles founded Western Rim Property Services in 1988 with the goal of fulfilling the unmet demand for affordable high-end living. Nearly three decades later, the company operates 15,000 units and is recognized annually as a National Award Winner for resident satisfaction.
Marcus Hiles - Chairman & CEO of Western Rim Property Services: http://www.MarcusHiles-News.com
MarcusHilestx (Marcus Hiles) - DeviantArt: http://marcushilestx.deviantart.com
Marcus Hiles (@marcus_hiles) - Twitter: https://twitter.com/marcus_hiles
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