Here there be Jobs & Salaries in Sync with Rents & Mortgages… namaste.
It’s not everywhere that you’ll find salaries that are perfect harmony with rents and mortgages, but several major U.S. cities,including Phoenix AZ, can boast that distinction… especially if your field is in one of the ‘in demand’ arenas like Health Care.
Phoenix, Arizona comes in third on this list and that’s no small accomplishment. In a report from Arizona’s Office of Economic Opportunity released just last week, Arizona’s unemployment rate at 4.4% was consistent with the national average while unemployment in the Greater Phoenix area checked in even lower than most of the country at 3.7%. Eight of the eleven reported job sectors posted notable gains with Professional and Business Services reporting the greatest increase over the previous month.
I’ve been in the Real Estate industry for quite some time and I’ve seen my share of down markets, every year around the holiday season in fact. 2017 is most definitely not one of those. Rents have increased substantially in the Phoenix Valley but as recognized in a study by Linkedin and Zillow, most salaries are keeping up. However the upsurge in rents has encouraged many renters to consider buying a home instead, and the Phoenix area Real Estate market is experiencing an anomaly that I’m finding very interesting… an escalation in home buyers, a decrease in inventory, and gradually rising prices, all at a time of year that might normally be declared sluggish at best.
In These Markets, You’ll Earn Enough to Cover Rent and Then Some.
Reasonable rent and a solid-paying job? Dream on…right?
According to a recent analysis by LinkedIn and Zillow, there are dream markets—if your field of choice is finance, healthcare or technology.
The analysis identified markets where renters earn in excess of the necessary income to support costs of living, taking into account indicators such as “labor market velocity,” “job listings,” “salaries,” and “rental housing costs.”
By sector, renters have the most left over in:
1. Charlotte, N.C.
Disposable Income: $3,793 (51.2 percent)
2. Dallas/Fort Worth, Texas
Disposable Income: $3,597 (53.4 percent)
3. Phoenix, Ariz.
Disposable Income: $3,249 (50.6 percent)
4. Boston, Mass.
Disposable Income: $3,198 (41.7 percent)
5. Chicago, Ill.
Disposable Income: $3,453 (48.8 percent)
1. Phoenix, Ariz.
Disposable Income: $3,793 (52. 1 percent)
2. Indianapolis, Ind.
Disposable Income: $3,111 (53.7 percent)
3. Boston, Mass.
Disposable Income: $2,861 (40.1 percent)
4. Denver, Colo.
Disposable Income: $2,580 (40.5 percent)
5. Austin, Texas
Disposable Income: $2,846 (48.7 percent)
1. Seattle, Wash.
Disposable Income: $5,493 (54.3 percent)
2. Austin, Texas
Disposable Income: $4,336 (53.8 percent)
3. Pittsburgh, Pa.
Disposable Income: $3,681 (56.4 percent)
4. San Francisco Bay, Calif.
Disposable Income: $3,964 (35.6 percent)
5. Dallas/Fort Worth, Texas
Disposable Income: $4,121 (54.9 percent)
Four markets—Austin, Boston, Dallas/Fort Worth and Phoenix—rank in the top five in all three sectors. Austin makes a showing in both healthcare and technology, but ranks higher for healthcare, while Boston boasts for healthcare and finance, but also ranks higher for healthcare. Dallas/Fort Worth has opportunities in finance and technology, ranking higher for finance, and Phoenix’s prospects are in finance and healthcare, ranking higher for healthcare.
“High demand and inventory shortages have driven up housing prices in some markets so much that even if you land a great job, the salary might not cover living within commuting distance,” says Dr. Svenja Gudell, chief economist at Zillow. “On the other hand, the nation’s most affordable housing markets don’t always offer plentiful employment opportunities. Housing is the biggest line item in most people’s budgets, so we did the math for you and found ‘sweet spots’—places with great job markets and housing markets that will leave you with some cash at the end of the month.”
For more information, please visit www.zillow.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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