More Americans than ever before are spending their money on rent instead of owning a home, and the costs keep climbing higher.
According to Apartments.com, rent is expected to increase by another 1.5% by the end of the year.
To put that into perspective, for someone paying the average cost of rent in the U.S., $1,625 a month, that would be an extra $25 monthly — about the cost of a premium streaming service.
Here in Florida, the average monthly rent is almost $1700, about $70 higher than the national average.
The trend of increasing rent isn't new. According to Apartments.com, the average rent for a one-bedroom apartment has increased by 65% since 2000.
About half of Americans spend more than the recommended 30% of their income on rent, which leaves many of them cost burdened.
Oklahoma has the lowest rent in the country. Renters would save $800 a month living there compared to Florida.
New York has the highest rent, coming up just shy of $3000 a month for a one-bedroom apartment.
States in the Midwest have the most affordable rents.
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