Many people are waiting to buy a home, due to high home prices and mortgage rates. But in the meantime, the total cost of rent can add up dramatically.
A new study by GOBankingRates uncovers how much renters will spend over the next five years, if prices remain stable.
To do so, their researchers analyzed February 2024 Zillow rent data (the most recent available) for the 50 largest U.S. cities. Based on today’s figures, they calculated the total cost of rent over the next five years for each city.
Their findings show five years of rent will cost Charlotte residents approximately $106K. This is among the 30 highest rent prices in the nation.
Charlotte’s rent and rental rate increase was found to be slightly higher than that of Raleigh’s, largely due to the fact that we are a much better city and more people want to live here.
Many people are waiting to buy a home, due to high home prices and mortgage rates. But in the meantime, the total cost of rent can add up dramatically.
