“I just love this area so much,” Lucas tells CNBC Make It. “Surprise is one of those cities that is growing – new businesses may bring more job opportunities, and it's a very diverse city. It continues to grow and expand and I see a lot of people coming here, even from California.”
Lucas makes about $70,000 a year and pays $1,795 a month in rent. Although Surprise is slightly more expensive than where she previously lived in North Phoenix, Arizona, she says it is definitely worth the cost and she can still enjoy the entertainment and shopping that Surprise has to offer.
“It’s very affordable,” says Lucas. “If you’re looking for something luxurious, more upscale, and you’re looking for a city to retire to, Surprise is it.”
Surprise follows Sunnyvale, California, in RentCafe's ranking. In Sunnyvale, high incomes help make the high cost of living affordable for residents. The city's average monthly rent of $3,013 is well above the statewide average of $1,702, but renters there earn an average income of $145,723 – nearly three times the statewide average income of $49,201 among renters, according to the city Analysis of US Census Bureau data by RentCafe.
Surprisingly, the average monthly rent is $1,781, only slightly higher than the national average. But similar to Sunnyvale, renters' average annual income is also higher at $86,236, making this a relatively affordable place to live.
RentCafe's study compared average renter incomes in 189 U.S. cities with average local rental prices to find out where renters can get the most for their money. Although rental costs were the largest factor in the rankings, local costs for essentials such as food, healthcare, transportation, etc. were also taken into account when ranking cities based on their overall affordability.
Here are the 10 U.S. cities where renter incomes are rising the most, according to RentCafe.
- Median household income of tenants: $54,594
- Average monthly rent: $1,117
Although residents at the top of the list may be able to make the most of their income, this is not the case for many people in the United States. According to a recent Harvard study, more renters than ever are burdened with the costs of their housing.
In fact, half of U.S. renters spend more than 30% of their income on rent, the study found. Experts recommend limiting rental costs to or below 30% of your income to ensure financial stability.
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