SAN FRANCISCO, Dec. 27, 2017 /PRNewswire/ -- Atlanta renters spent over half of this year's
working days earning enough money just to pay their rent, according
to a new analysis from HotPads®. This doesn't include time spent
working to pay for other living expenses, like food and
transportation.
There were 260 workdays in 2017, and Atlanta renters earning the median income
worked 134 of those, just to have enough money to pay rent in 2017.
The median annual income in Atlanta is $37,310, while the median rent is $1,600 per month, or $19,200 per year. This means Atlanta renters are putting more than half of
their annual income toward a rent payment. Nationally, 13 percent
of renters report living with roommates to offset these high
costs.i
This trend is more prevalent for Atlanta renters making less than the city's
median income. Baristas, for example, worked 272 days in 2017 in
order to afford the average rental in Atlanta, and those working in retail spent 243
days. Flight attendants, on the other hand, spent just 107 days
working to pay the rent this year.
"Time is money, and rent is the single largest part of most
renter households' monthly expenses," said Douglas Pope, co-founder and general manager of
HotPads. "With many young professionals more conscious of how they
spend their time, keeping rent costs in check is an obvious way to
make sure they are spending their time on their personal
priorities. Pairing up with roommates can be a good option for
renters looking to cut costs while still living in the city core.
Renters can expect competition for rentals to continue in 2018,
especially in the city's most vibrant neighborhoods. If you know
you're going to be moving in the New Year, get started on your
search early so you have the best shot at getting an apartment you
really love."
Financial experts recommend renters dedicate one-third of their
monthly income toward a rental payment, but renters earning less
than the median income still have few options in the city even when
they are comfortable spending up to half their paycheck on rent.
For example, baristas who want to live alone and are comfortable
spending half their income on rent have two options for
neighborhoods: Harland Terrace or
Hammond Park. The median rent in
Hammond Park is $755 per month, and
the median rent in Harland Terrace
is $700 per month.
Flight attendants in Atlanta
willing to spend half their paycheck on rent can look in
neighborhoods with a median rent price of up to $1,900 per month, which includes areas such as
Lake Claire and Howell Station.
HotPads is a Zillow Group owned apartment and home search
platform for renters in urban areas across the United States. For more information on
Atlanta's rental market, visit
HotPads.com.
Time Worked for Rent in 2017 by Job Category
Job
Category
|
Median
Annual
Incomeii
|
Hourly
Wageiii
|
Cost of Rent
for the
Entire Yeariv
|
Hours Worked
for Rent in 2017
|
Days
Worked
for Rent in
2017v
|
All
Occupations
|
$37,310
|
$17.94
|
$19,200
|
1,071
|
134
|
Baristas
|
$18,410
|
$8.85
|
$19,200
|
2,170
|
272
|
Retail
Salespeople
|
$20,610
|
$9.91
|
$19,200
|
1,938
|
243
|
Teachers
|
$39,510
|
$19.00
|
$19,200
|
1,011
|
127
|
Registered
Nurses
|
$68,240
|
$32.81
|
$19,200
|
586
|
74
|
Flight
Attendants
|
$46,860
|
$22.53
|
$19,200
|
853
|
107
|
Days Worked for Rent in 2017 by Neighborhood
Job
Category
|
Harland
Terrace
(Median Rent:
$700)
|
Hammond
Park
(Median Rent:
$755)
|
Carroll
Heights
(Median
Rent:
$850)
|
Joyland
(Median
Rent:
$850)
|
Lake
Claire
(Median
Rent:
$1,900)
|
Howell
Station
(Median
Rent:
$1,900)
|
All
Occupations
|
59
|
64
|
72
|
72
|
159
|
159
|
Baristas
|
119
|
128
|
145
|
145
|
322
|
322
|
Retail
Salespeople
|
106
|
115
|
129
|
129
|
288
|
288
|
Teachers
|
56
|
60
|
68
|
68
|
151
|
151
|
Registered
Nurses
|
32
|
35
|
39
|
39
|
87
|
87
|
Flight
Attendants
|
47
|
51
|
57
|
57
|
127
|
127
|
HotPads
HotPads is the most efficient rental search platform for urban
areas across the United States,
with features designed for competitive markets such as map-based
search, real-time notifications and detailed information on
landlords and property managers that help renters spend less time
searching and more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ:Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
______________________________________
i Zillow Group Report on Consumer Housing Trends, 2017
ii Incomes in this analysis were determined using
city-level data from the Bureau of Labor Statistics
iii HotPads assumed a 40-hour workweek to calculate the
hourly wage for a job category. For salaried workers, this is the
equivalent hourly wage.
iv To calculate the yearly rent, HotPads took
Atlanta's current monthly median
rent and multiplied it by 12.
v HotPads assumed eight-hour workdays to calculate the
days worked to pay rent.
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SOURCE HotPads, Inc.