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What’s all this talk about a shortage of homes?
At the city level it’s something of a new trend. According to the National Association of Realtors , the cost of a single-family home rose to $294,400 in the first quarter. That’s up almost 5% from a year ago.
So, how are homebuyers getting by? They’re turning to a pool of rental properties.
And, take a look at this map from the Federal Reserve Bank of New York. See how much of the country it shows is no longer supplied?
That’s because, about once every six years, the vacancy rate has to dip below 5% so that new home construction can finally catch up with demand.
The last time it was this low was in 2006, before the financial crisis.
In other words, the “housing crunch” is here again.
We rounded up five more places where you might find better affordable housing. Here are the two in Florida you’ll like to hear about first:
Homestead City in Homestead, which is part of Miami-Dade County, has 643 rental units for only $525 a month. It doesn’t have an age limit and has a laundry room with a washer and dryer. And while two-bedroom units are only renting for $749, one-bedroom units are $895.
In Miami, the rent is even lower at $560. But not to worry: You need to be 30 to qualify. Plus, renters get a housing stipend of $300 a month.
Head north and you’ll find a more remote rental that costs $730 for a two-bedroom unit. Units are rented over 3 years.
To find more cities to rent for cheap, check out U.S. News – Need a real estate fix? Click here for tips.