While the holidays are typically a time of joy, data suggests the average renting family ends the season less jolly.
According to RentCafé’s latest analysis, Thanksgiving and winter holiday expenses average $1,100 per household, leaving the average renting family $400 in debt after the holidays.
The report utilized data from Yardi Matrix and the U.S. Census Bureau, calculating how the median renter household fares during and after the holidays.
The report revealed that renters living in 10 of the 20 largest U.S. metros will be weighed down in debt in the new year. However, no other metro renters feel the most strain than those living in New York and San Diego.
“New York may be magical during the holidays, but not for renters. The average renter living in New York metro would need $4,200 in savings in order to cover the end of the year expenses,” RentCafé writes. “Getting through the holidays in New York can really break the bank considering the already high price of rent.”
In fact, RentCafé states New York metro renters shell out about $7,600 on average during November and December. San Diego renters have it a little better but will still have a negative balance of $1,700 after holiday festivities.
Prospects don’t look too good for the rest of the country either, as RentCafé states that the average renting family in 5 of the 20 largest metros will have their end of year balance drop below $400.
The graph below highlights the average end-of season balance in 20 largest metros:
(Click to enlarge)
NOTE: RentCafé’s analysis includes national averages based on nationwide data and metro averages for the 20 largest U.S. metros by population. In order to calculate rent amounts, the company utilized data from Yardi Matrix. However, income figures come from the 2017 American Community Survey 1-Year Estimates, and the cost of living is based on 2017 stats released by the Bureau of Labor Statistics.