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Daily Mail
03-05-2025
- Business
- Daily Mail
Top 10 US cities where rent is rising the fastest
By Rent prices are rising across the US - with the historically affordable Midwest seeing some of the biggest hikes. A recent analysis of Zillow data from SmartAsset revealed that five of top ten cities with the fastest climbing rent prices were located in the Midwest. Once viewed as a more affordable option, the Midwest has seen a spike in rent prices as demand increases. Experts have pointed out that stable insurance prices, lower property taxes and a steady housing market are major contributing factors for the move to the Midwest, the Economic Times reported. The SmartAsset report noted that the cities analyzed are not the most expensive overall, as destinations such as New York City and Los Angeles continue to dominate. Boston and San Francisco saw some of the worst housing shortages in 2024, according to a 2024 Zillow report. Boston saw the highest average rent, $3,495, after experiencing 4.1 percent increase in rent costs. While coastal cities still remain among the most expensive in the country - New York or San Francisco had average rent prices of $3,350 a month - costs are jumping in some unexpected places. Scroll down for a list of the top ten cities with rising rents. 10. Rochester, New York The western New York city saw the lowest increase out of the top ten, with a 5.5 percent change in a year. Average rental prices in February of 2024 sat at $1,396, compared to this year's $1,472 per month. 9. Lexington, Kentucky 8. Detroit, Michigan Detroit saw a 5.8 percent increase, with its average rent in February of last year reaching $1,266. At the same time this year, Detroit's average rent sat at $1,339. 7. Toledo, Ohio 6. St. Petersburg, Florida 5. Milwaukee, Wisconsin 4. Fort Wayne, Indiana 3. Columbia, South Carolina Columbia, with about 147,000 people, ranked third with a 6.7 increase in rental prices. Average costs in 2024 sat at $1,409 and increased to $1,504 this year. 2. Cleveland, Ohio 1. Newark, New Jersey At the number one spot, Newark saw an 8.1 percent increase in rental costs. Rental properties increased from an average $2,073 to $2,241 since last year. The analysis comes as house hunters revealed that the Midwest is also home to some of cheapest overall living costs. Data from this year's Wall Street Journal/ Housing Market Ranking indicated that 12 of the 20 markets on the list are located in the Midwest. The study showed that Midwest states dominate when it comes to climate resiliency, low home prices, and cost of living. Four areas that stick out from others on this list were the Wisconsin cities Milwaukee, Green Bay, and Appleton, as well as Fort Wayne in Indiana. Milwaukee, Green Bay, and Appleton have average unemployment rates of 3.8, 3.3, and 3.1 percent, respectively, all below the national average. Fort Wayne also sits below the national average at 4.1 percent. The list comes amid worry over a potential repeat of the 2008 real estate crash, which was part of the Great Recession. Weather has become a more crucial factor in one's living situation over the years due to devastation from wildfires and other natural disasters. Insurance companies have also been increasing premiums, making it pricier to live in certain areas. Some states with increasing premiums resulting from devastating weather include California and Florida. Over 55 million Americans will relocate to places less susceptible to climate risks by 2055, with 5.2 million doing so this year, according to a First Street Report. With insurance costs set to surge by 29.4 percent over the next 30 years, house hunters are fleeing to the Midwest to live in states with lower risks of damage from climate-related events. Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Daily Mail
30-04-2025
- Business
- Daily Mail
New data reveals the best areas in the US with a low cost of living… and most are in the Midwest
House hunters interested in an affordable way of life may have better luck looking in the Midwest. Data from this year's Wall Street Journal/ Housing Market Ranking indicated that 12 of the 20 markets on the list are in the Midwest. The study showed that those Midwest states dominate when it comes to climate resiliency, low home prices, and cost of living. Four areas that stick out from others on this list are Wisconsin cities Milwaukee, Green Bay, and Appleton, and Indiana city Fort Wayne. Milwaukee, Green Bay, and Appleton have average unemployment rates of 3.8, 3.3, and 3.1 percent, which are all below the national average. Fort Wayne also sits below the 4.2 percent national average at 4.1 percent. The list comes amid worry over a potential repeat of the 2008 real estate crash, which was part of the Great Recession. Fort Wayne, Indiana, has a 4.1 percent average unemployment rates, which is below the national average Weather has become a more crucial factor in one's living situation over the years due to devastation from wildfires and other natural disasters. Insurance companies have also been increasing premiums, making it pricier to live in certain areas. Some states with increasing premiums resulting from devastating weather include California and Florida. Over 55 million Americans will relocate to places less susceptible to climate risks by 2055, with 5.2 million doing so this year, according to a First Street Report. With insurance costs set to surge by 29.4 percent over the next 30 years, house hunters are fleeing to the Midwest to live in states with lower risks of damage from climate-related events. Out of these four Midwest cities with low unemployment rates, Appleton was the most climate-resilient, with only 1.1 percent of its housing having a high risk of climate-related damage. Appleton also had a lower risk than Toledo, Ohio, which topped the Wall Street Journal/ Housing Market Ranking for its strong demand and market pace. Fort Wayne had a 1.8 percent risk, while Milwaukee and Green Bay both sat at 2.2 percent. The median price of a home in Green Bay, Wisconsin, is $490,000, which is significantly higher than the national average Low living costs have been a major factor in the search for a forever home, which has become more appealing to house hunters affected inflation. Fort Wayne's living costs are 10 percent below the national level, followed by Green Bay (7.9 percent), Appleton (6.4 percent), and Milwaukee (4.5 percent). 'The cost of everyday necessities is below the national norm in each of these metros,' senior economic research analyst Hannah Jones told 'These four metro areas boast strong housing markets, which are enabled by and supported by healthy job markets and affordable everyday expenditures and amenities.' Out of the four Wisconsin and Indiana cities, Fort Wayne has the lowest median price at $310,000. Milwaukee has the next lowest at $375,000, and Appleton comes in at $426,000. Green Bay holds a $490,000 median price, and is the only one of these for metro areas to be higher than the $449,000 national average. The costs of living include everyday necessities like food, transportation, and medical expenses, in addition to a roof over one's head. Known as the Badger State, Wisconsin has a population of nearly 6 million and is home to the Green Bay Packers. It also has thriving dairy and cheese industries in addition to affordable housing and job opportunities. 'Wisconsin has long boasted affordable home prices and other desirable attributes, but today's challenging housing market has amplified its appeal,' Jones explained.
Daily Mail
29-04-2025
- Business
- Daily Mail
Americans find affordable homes in heartland city with $200K discount
By Published: | Updated: Affordable home prices and rising demand in the area are turning one surprising small city into a hotbed for real estate competition. Toledo, OH, once attracted the attention of local homebuyers who could afford it, but has now caught the eye of out-of-state investors with deep pockets, who have set14643897 off a real estate tug-of-war. While the median home price jumped 18 percent in March to $235,000, that's still is still about $200,000 cheaper than the US median, says 'We do get a lot of calls from out of state investors who are paying cash,' local realtor Megan Hornsby (pictured) tells The news comes amid crashing prices elsewhere in the US, including spots in Florida and four metros in Texas. She adds that the rate at which out-of-state investors are snapping up properties has gotten so out of control that Toledo has enacted new rental property ordinances to try to curb people coming in from out of town. 'They they did a paint ordinance where there can't be any peeling paint on rental properties. Some people are saying it's unconstitutional because it goes after landlords and doesn't go after owner occupied homes.' Most of the investors buying the homes then rent them out to locals, but fail to keep up with managing the property from afar, letting lawns grow to long and small fixes to remain broken. 'It's very hard to find a good management company around here,' says Hornsby. 'They have an app now where you can report properties that are falling into disrepair.' The affordable prices and high demand has pushed Toledo to the top of the Wall Street Journal/ Housing Market Ranking. It evaluates cities based on home price growth, economic momentum, lifestyle amenities, and resilience to climate change. In March, Toledo's median home listing price rose 18 percent year-over-year to $235,000, in large part by investors who have discovered the city. Data firm Cotality reports that investor purchases of single-family homes in the city doubled over the last seven years, from 15 percent in 2018 to 30 percent in early 2025. 'Most of the calls that I get from out-of-state people are because they wanna buy a property cheap and then use it as a rental,' Hornsby says. 'The city of Toledo I think has almost 50 percent rental properties at this point.' Most of the out-of-state investors are coming from large cities like New York and San Francisco. Others are coming from and even countries like Canada and Italy, who see Toledo as a hidden opportunity. Because of the investor interest, traditional and local buyers are being frozen out of the market. Real estate agents say cash buyers are quick to waive appraisals and inspections in order to secure deals faster and beat out first-time buyers or buyers who need to secure a mortgage. Rents in the area are also rising. A two-bedroom in Toledo is normally $1,000 a month, but because of high demand and property tax increases that has shot up to about $1,500. As for Toledo, there has also been a lot of interest in the city after it was awarded a few grants to revitalize downtown. 'We have a couple of outdoor shopping dining restaurant areas. 'Downtown Toledo has seen a major resurgence with lots of money invested and they're trying to get additional housing down there to support everything available. We're on the river so there's a concert series. There's a lot more events and things to do in my opinion then there used to be even just a couple years ago.' Elsewhere in Ohio, housing prices are skyrocketing where they were once affordable. In Cleveland, Ohio, home sale prices rose 15 percent in 2024 - the most of any of the 50 biggest US cities. 'Places that have long been known as affordable places to live, like Cleveland are now seeing double-digit price increases - and that's after home prices skyrocketed during the pandemic,' said Redfin senior economist Elijah de la Campa. Bonnie Phillips, a Redfin Premier real estate agent in Cleveland, explained some of the reasons why prices are on the up in the city. 'A lot of sellers have a very specific number in mind because they saw their neighbor sell for $40,000 over the asking price during the pandemic' she said. They're willing to walk away if they don't get that number, which is one factor keeping prices high.' She continued: 'Cleveland may still have a reputation as an affordable-housing haven among out-of-staters, but not so much among locals.' Overall, house prices are crashing nationally as fears of a recession tied to Donald Trump's aggressive tariffs have put homebuying on pause for many Americans.
Wall Street Journal
26-04-2025
- Business
- Wall Street Journal
Battle of Home Buyers vs. Investors Is Making Toledo a Housing ‘Gold Mine'
The struggle to find a cheap house in America is transforming some places with lower-priced homes into battlefields, pitting Wall Street landlords and other investor-owners against traditional buyers. That clash is helping boost home values in Toledo, Ohio, catapulting it to the top of The Wall Street Journal/ Housing Market Ranking this quarter. The rankings identify top markets based on home value appreciation, local economic growth, lifestyle amenities and climate resilience.
