In Surprise, Arizona, residents are finding the city to be an attractive place to live. One resident, Lucas, expresses her love for the area, citing its growth, diversity, and job opportunities as key factors in her decision to move there. Despite slightly higher living costs compared to her previous residence in North Phoenix, Lucas still finds Surprise to be worth the expense, especially considering the entertainment and shopping options available in the city.
Surprise is ranked second in RentCafe’s list of U.S. cities where renters’ incomes go the furthest. The city’s average monthly rent is slightly higher than the national average, but with a median annual income among renters also higher, it is still considered relatively affordable. This study compared median incomes among renters in 189 U.S. cities with local average rent prices, taking into account the local costs of necessities such as food, health care, transportation, and more to rank the cities by overall affordability.
However, while some cities like Surprise may offer affordable living for renters, a recent Harvard study reveals that more than half of U.S. renters struggle with the cost of their dwellings. The study found that 50% of U.S. renters allocate more than 30% of their income toward their rent, a situation that can impact their financial stability. Experts recommend keeping rental costs at or below 30% of income to maintain stability.
This information sheds light on the varying experiences of renters across the country, highlighting the importance of considering all factors, including income, rent prices, and the overall cost of living, when choosing a place to reside. As the housing market continues to evolve, understanding these factors becomes crucial for individuals and families seeking a place to call home.