You might be better off getting your career started in the Midwest. Chances are lower monthly rent in Middle America will leave more money in your pocket than if you live on one of the coasts. CNBC created a map showing the typical rent versus the typical income in any given area. Although both incomes and rents tend to be lower in the Midwest, there are surprises. For example, the typical salary in Bloomington, Ill., is $53,140ânot much different than in Los Angeles. Yet, you can expect to pay only $593 a month in rent in Bloomington compared to $2,095 in Los Angeles. âI'd say consider Middle America as a place to establish a career,â NAR Chief Economist Lawrence Yun told CNBC. âEven if you get a lower wage than somewhere else, it could come with more purchasing power.â
Lower rates give buyers an edge. The combination of moderating mortgage rates and increasing inventory is playing into the hands of home buyers as the housing market gets ready for spring. USA Today reports that buyers are benefiting as rates retreat from their near-5-percent levels late last year, and more For Sale options are easing competition for available homes. Rates for 30-year fixed-rate mortgages are unlikely to exceed 5 percent this year, Yun told the newspaper. âThatâs not in the picture currently,â he said.
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