DAYTON, Ohio (WDTN) — High rent prices continue to be a burden impacting the pockets of many Americans.
According to housing experts, the national median rent is currently 23 percent higher compared to just 3 years ago. In the Miami Valley, 47 percent of renters spend 30 percent of their income just on rent.
“I feel like almost half of our income is going to our rent, and that doesn’t really leave a lot for other things, especially with all the other bills you have to pay,” said Alexis Hill, a Fairborn renter.
Alexis Hill and her family have lived in their Fairborn apartment for almost one year. Hill says with rent taking up so much.. It makes it hard to prepare for the future…
“I’m going to try my best to save what I can,” Hill said. “I might have to rent for the time being, but I’m hoping that I can find something a little cheaper so that I can actually build towards getting a home for my children.”
According to Chris Salviati, the senior housing economic analyst for Apartment List, Alexis is not alone in her burdens.
“By our estimates, rents in payments are up by about 35% compared to March 2020,” Salviati says. “Again, basically flat over the past 12 months. So that like really, really fast rent growth has slowed down over the past year. But again, it’s still way, way higher than it was just a year ago.”
According a 2022 census American Community Survey, 21.8 million people nationwide spend more than they can afford on rent, which makes it hard to save for a home.
Kettering Resident Chiane Younger says she feels those statistics.
“Like, it is hard to save for home when you have high rate prices,” Younger said. “Yeah, because like you put all your money into it. So it is like how can you save to like buy a home.”
While Younger says she has a decent housing situation in Kettering, she still wishes the cost living overall was more affordable.
“Like it could like you could make enough money to like, pay your bills, but who wants to live to pay bills,” said Younger.
Rent.com shows average rent prices in Dayton between $846 to more than $1,050.
A studio apartment averages at 877-dollars, but a one bedroom apartment is slightly cheaper at $846 monthly average. For a two-bedroom apartment, the rent price will cost you over $1,000 each month. A one-bedroom apartment in Dayton is less than $900 per month.
In Beavercreek, Huber Heights and Miamisburg, the average monthly cost is over $1,300. The average for Kettering and Xenia is around 800-dollars for a one-bedroom apartment.
Troy and Springfield are considered the most affordable places to rent. Rent in the two cities have an average of below $800.
While there are some assistance programs to support renters struggling, analysts say there will need to be a drop in rental prices across the country for the rental crisis to be solved.