New York state is seeing a surge in property insurance rates for renters as more and more families move to the city, according to a recent analysis.
The increase has been especially pronounced in New York City, where renters are increasingly priced out of the market, according the analysis from New York Insurance Department data from February.
As of last year, the average annual property insurance premium for a new renter in New England was $1,084, according a report from RealtyTrac, a New York-based real estate information company.
That is more than twice the average in the country, and more than double the average for all New York renters.
The average annual premium for renters in New Hampshire was $847.
In the New York area, the rise in premiums comes as a large number of renters in the city have moved out of state and onto smaller properties, which are increasingly expensive.
Rents in the City, a housing nonprofit that provides rental assistance to low-income families, has reported that renters in some of New York’s poorest neighborhoods have been priced out by the rising rents.
“Renters in New Yorkers’ poorest neighborhoods are increasingly being priced out,” said Dan Davenport, the group’s director of housing policy.
“There’s been a dramatic change in the rental market, and it’s really hard to find a rental property that fits their needs.”
A new analysis from Realtrac found that average annual premiums for renter-owned properties in New Jersey jumped by a staggering 17 percent between 2014 and 2017.
The average annual price of a renter’s property in New Brunswick, New Jersey, jumped by more than 200 percent from $9,965 to $14,634 in five years, according Realty Trac.
In New York, rents in some areas have soared, and the increase has also been particularly pronounced in the Bronx, which is now the most expensive borough for renters.
Rents jumped by 2,000 percent in Manhattan, up by 12 percent in the Brooklyn boroughs and by nearly 10 percent in Queens.
Prices for renters in Brooklyn jumped by an average of more than $20,000 in five of the past seven years.
More: The average renter will now pay more than four times the average income in New Orleans, up from just under one-fourth in 2011, according New Orleans Property Assessment and Tax Assessor Amy Daugherty.
Brentwood, a property owner in New Bedford, Mass., which has the third highest percentage of renters with annual incomes in the state, had an average annual rent of $3,900 in 2019.
Livonia, which has more than one-third of the state’s total housing stock, has an average monthly rental of $2,700.
New Bedford is the fifth-most expensive borough in the United States for renters with an annual income, and its rents are rising faster than in other areas.
If you live in New London, Conn., you can expect an average rent of nearly $5,400.
Homes in the District of Columbia are among the most affordable in the nation.
The average price of homes in the Washington, D.C., metro area has risen by more to about $1.8 million since last year.
The rate of inflation is expected to be higher, and homes are also going up more quickly.
But if you live or work in the suburbs, you will be paying more than three times what the average renters median income is, according RentBusters.com, which tracks real estate statistics.
Some renters are finding themselves out of luck in other states as well.
Property taxes in Texas are up by more $2.8 billion since last November, according Data.gov.
In South Carolina, the rate of increase is up about 10 percent since last October.
House prices are going up faster than wages, so renters are paying more for their homes, but not as much as homeowners, according Real Estate Insider.
There are some areas in New Mexico that have seen a decrease in the number of properties that renters are buying, the analysis by Realtytrac found.
The median price for a single-family home in New Manchester, New Mexico, has fallen from $1 million to $930,000 since last March.
At the same time, the median price of single- family homes in Las Cruces, New Mexicans, has jumped by about 50 percent.
It may be too late for some New York families, but there are many places where they can still make a home equity payment, according Richard Kiel, the executive director of New Yorkers for Affordable Housing, a group that advocates for renters rights.
A new study released by New York University School of Law shows that more than half of New Yorker households with annual income under $40,000 have been unable to pay rent