Housing costs outpace wage growth in Dayton area, reducing … – Dayton Daily News
While the Dayton region ranks among the nation’s most affordable markets, local home and rent prices are growing far faster than wages, making it increasingly difficult for some area residents to find an affordable place to live, a Dayton Daily News investigation found.
Average rent in most Dayton suburbs is up over last year, according to data from Rent.com, an apartment search engine and online marketplace. Rent for a two-bedroom apartment in Fairborn last week was $1,145, up 25%. Rent for a one-bedroom is up 10% and 9% in Beavercreek and Kettering, respectively.
Meanwhile, median home prices were up 8.9% last year to $201,286 in the region including Montgomery, Greene, Darke, Warren and Preble counties, according to data provided by Dayton Realtors. Average prices are up 9.2%.
Wages have not kept up. Average weekly private-sector earnings in the Dayton Metro Area increased to $1,034 by December, a 1.9% increase, which is just $19 more weekly compared to $1,015 a week in December…
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