Rising rents force Americans to move to more affordable cities, Bank of America reports.

Skyrocketing rents are pushing many Americans to move to more affordable locations. According to Bank of America, median rent payments increased by 3.7% over the past year, leading to a trend of downgrading or relocating, especially among higher earners in the Northeast. Cities like San Jose, Miami, and New York are losing renters, while more affordable cities in the South and Midwest are gaining them.

November 10, 2024
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