Are Bozeman Rental Prices Near The Top In The United States?
Over the last few years, there's been a whole lot of talk about the high prices for Bozeman rentals.
As the demand to live here has increased, property owners and landlords have taken full advantage of cashing in. However, it seems that as more apartment complexes are completed, the demand isn't as high as it was even a few months ago.
In fact, several of the properties are finding several empty units. So does that mean that those of us renting in Bozeman can expect a decrease in what we're paying? One can only hope, but where do we rank when it comes to cities that are traditionally expensive to live in?
Let's take a look at some numbers and compare them.
The average price for a two-bedroom apartment in Bozeman is 2150 a month according to Zumper. That is actually more than a two-bedroom in New York City, where the average rent for a two-bedroom is 2117 a month. Chicago will cost you about 2200 a month, and Los Angeles will run you right around 2800 a month for a 2 bedroom on average.
Next, let's take a look at the average salaries in each location.
Here in Bozeman, the median household income is 59 thousand a year. In New York City, the median household income is 67 thousand dollars. In Chicago, the median household income is 62 thousand a year. Finally, in Los Angeles, the median household income is 65 thousand a year.
Oh, and just for the heck of it, the average rent for a two-bedroom apartment in the United States is 1295 dollars a month, while the median household income is 70 thousand a year.
Not only are we paying more than the national average for rent but we're being paid less than the national average when it comes to salary. It kind of makes you scratch your head a little, huh?
So to answer the question, yes Bozeman rental prices are near the top in the United States.
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