housing, rent, market, real estate, home, rate, finance, balance, scale

Colorado Springs ranks 12th out of the 50 most populous cities in the United States in terms of rental affordability for singles.

According to a new study by RentHop, a single person in Colorado Springs making $53,142 a year would need to set aside about 20 percent of that income to afford a studio apartment. The study, released Nov. 23, ranked Colorado Springs 12th among the cities in terms of rent cost as a percentage of average income.

With housing prices rising dramatically across the country and Americans choosing to marry later in life, young professionals are now faced with higher rent prices as single income earners, the study stated.

RentHop explored housing affordability for single people across the 50 most populous cities using Census data along with proprietary information such as the median advertised prices of studio apartments offered on RentHop. For Colorado Springs, that price was $875 per month, a 10 percent increase over the previous year.

The RentHop Singles Index found that the most affordable city for single people was Wichita, Kansas, where a single person would have to spend 13.6 percent of income to rent a studio apartment with a median price of $500.

Other top five most affordable cities were Columbus, Ohio (13.8 percent, $625); Albuquerque, New Mexico (12 percent, $700); Oklahoma City, Oklahoma (17.2 percent, $723); and Tulsa, Oklahoma (17.6 percent, $695).

The least affordable cities for singles were Miami, Florida (37.2 percent, $1,800); New York City (37 percent, $2,450); New Orleans, Louisiana (32.9 percent, $1,691); Raleigh, North Carolina (31.9 percent, $1,691); and Boston, Massachusetts (21.6 percent, $2,250).

View the full study here.

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