The price of renting: Where Cincinnati ranks among other cities

The price of renting: Where Cincinnati ranks among other cities

CINCINNATI, OH (FOX19) - Cincinnati renters feeling the pinch of their wallets may actually be on to something.

The Queen City ranks second when it comes to the nation's most expensive rental markets, says HomeUnion, an online real estate investment and management firm.

The company lists Cincinnati behind only Oakland, Calif. when it comes pricey rental housing.

HomeUnion says the annual rent for a single family residence in Cincinnati is $15,768 compared to the average annual income of $32,100 for the city. That's a 49.1 percent rent to income ratio.

Cleveland also made the list of most expensive rental markets with a 39.4 percent rent to income ratio.

What hurts Cincinnati's rental market according to HomeUnion, is young renters moving to large metro areas like Chicago and Denver, leaving mostly low-wage earner to rent in the city.

HomeUnion ranked Chicago as the number one most affordable rental market, citing their low cost of living and relatively large housing inventory. The annual rent for a single family residence is $19,956 with an average annual income of $102,180, making the rent to income ration just 19.5 percent.

Steve Hovland, director of research for HomeUnion, said Chicago is an ideal place for millennials because it's the only metro area in the country where typical renters spend less than 20 percent of their annual income.

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