(March 11, 2024) -- RentCafe's latest report shows how Tucson fares when it comes to the financial well-being of its renters. By comparing the median income, average rent, and average prices for basic necessities, we uncovered how far renters’ incomes stretch in 189 U.S. cities.
Tucson renters earn the lowest median income in the state and allocate a significant portion of it to rent and other living costs, which pushed the city down to #125 on our list. By comparison, Surprise is the second-best city in the nation, where renters’ income stretches the furthest due to stellar income-to-expenses ratios. Renters here earn 75% more than the national average, while most necessities cost less than the benchmark.
Here are more insights into Tucson renters’ budget:
- Despite below-average housing costs ($1,264), renters’ household income in Tucson ($37,144) can cover the monthly rent 2.4 times (ranks 111th for its income-to-rent ratio). Notably, renters’ earnings in Tucson are 25% lower than the national average. In Surprise, the median wage covers 4 rent payments, while in Scottsdale (7th nationally), renters can afford 3 times the monthly rent.
- After rent comes expenses. Tucson ranks 133rd for its income-to-utilities ratio. In other words, renters’ disposable income (after rent is paid) can cover five times the cost of energy and phone bills ($367). By comparison, renters in Scottsdale can cover the cost of utilities fifteen times over.
How do other expenses impact renters' budgets in Tucson? The city ranks:
- 131st for the income-to-food ratio: The disposable income covers the price of essential groceries 27 times over.
- 134th for the income-to-healthcare ratio: The disposable income covers regular medical checkups 5 times over.
- 138th for income-to-transportation ratio: The disposable income covers the price of one gallon of gasoline and tire balancing service 28 times over.
- 133rd for income-to-goods-and-services ratio: The disposable income covers these expenses 8 times over.
Check out the full report here: https://www.rentcafe.com/blog/rental-market/market-snapshots/top-renting-sweet-spots-us/