"No matter where you live, you've probably noticed things have gotten more expensive over the past couple of years. Maybe it's coffee, maybe it's clothes - or maybe it's entire cities. Earlier this week, I caught a CNBC article citing an annual report from The Economistcalled "The Carrie Bradshaw Index," that showed some real changes are happening in cities nationwide."
"The Carrie Bradshaw Index, as The Economist deems it, "ranks 100 of the country's major cities by affordability for people who want to live alone." A city meets their definition of affordable if someone can rent a studio apartment there without roommates or a partner and, most importantly, without spending "more than 30% of their gross income on rent." It found that several notable cities have now crossed the threshold into unaffordable."
The Carrie Bradshaw Index ranks 100 major U.S. cities by affordability for single renters, defining affordable as studio rent consuming no more than 30% of gross income. The most recent index shows that 41 cities are now unaffordable under that benchmark. Several cities that were affordable last year have crossed into unaffordable territory, with notable rent increases concentrated in Southern cities. Memphis experienced the sharpest drop in affordability as average studio rents jumped significantly, and larger metro areas like Houston and Dallas have also become less affordable for solo renters.
Read at Apartment Therapy
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