ZILLOW GROUP, INC. 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 | Hourly | Cost of Rent | Hours Worked | Days |
All Occupations | $37,310 | $17.94 | $19,200 | 1,071 | 134 |
Baristas | $18,410 | $8.85 | $19,200 | 2,170 | 272 |
Retail | $20,610 | $9.91 | $19,200 | 1,938 | 243 |
Teachers | $39,510 | $19.00 | $19,200 | 1,011 | 127 |
Registered | $68,240 | $32.81 | $19,200 | 586 | 74 |
Flight | $46,860 | $22.53 | $19,200 | 853 | 107 |
Days Worked for Rent in 2017 by Neighborhood
Job Category | Harland (Median Rent: | Hammond (Median Rent: | Carroll (Median | Joyland (Median | Lake (Median | Howell (Median |
All | 59 | 64 | 72 | 72 | 159 | 159 |
Baristas | 119 | 128 | 145 | 145 | 322 | 322 |
Retail | 106 | 115 | 129 | 129 | 288 | 288 |
Teachers | 56 | 60 | 68 | 68 | 151 | 151 |
Registered | 32 | 35 | 39 | 39 | 87 | 87 |
Flight | 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.
View original content:http://www.prnewswire.com/news-releases/atlanta-renters-spend-half-their-working-hours-just-earning-rent-300575403.html
SOURCE HotPads, Inc.
