Here are the states where residents spend the most on rent
Tori Richards
Video Embed
Two states that are among the world’s biggest tourist destinations are also the priciest for renters, a new study has found.
Hawaii and California top the list of states where renters spend the biggest chunk of their paychecks on housing, according to an analysis by Forbes Home.
CALIFORNIA TOWN DIGGING OUT OF RECORD SNOW
The average monthly income of Hawaiians is $5,079, yet residents spend an average of $2,136 on rent. This means 42% of their income on average goes to rent. Most of the population is located in the capital of Honolulu.
California is second on the list at 28% of income going toward rent. This is based on a monthly income of $6,385, with the average rent being $1,818. While California has some extremely pricey homes for rent, it also has low-income housing spread across the state, and that brings down the average.
California and Hawaii are the first and 10th most visited states in America, according to Vivid Maps.
“Many of the states that made this list also made our list for top states people were moving to in 2021 and 2022, so it’s no surprise that we are seeing an average rent increase in these areas that have gotten an influx of new residents,” a spokesperson for Forbes Advisor said.
The remaining states in the top five are all in the Northeast.
In third place is New Jersey, where residents spend about 28% of their income on rent. The average monthly income is $6,385, with $1,765 going toward rent every month.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Fourth goes to Massachusetts, which has the highest average income of the Top 10 with $6,971 per month. The average rent is $1,823, and residents spend 26% of their income on rent.
Finally, we have Delaware, where people spend on average 26% of their paychecks on housing. Residents make an average monthly income of $4,994 with rental prices averaging $1,288.