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Friday, December 29, 2017

Study says: Holidays put Detroit renters $890 in the hole

Posted By on Fri, Dec 29, 2017 at 12:07 PM

It should come as no surprise: The holidays are expensive and most people are doling out cash they don't have to buy presents, decorations, and fancy dinners.

A recent study conducted by Rent Cafe found that Detroit, which has already been found to be a terrible place for renters, is also a terrible place for renters during the holidays.

Because Detroit renters spend nearly half their income on rent, they're not properly able to stash away dough to make the holidays a little easier. In fact, the Rent Cafe study found that most Detroit renters find themselves almost $1,000 further in debt after that yearly avalanche of holiday spending.

We're relatively low on the list of cities where residents go into debt to make their November and December days merry and bright. While we're racking up $890 in credit card debt in the Motor City, folks who rent in Manhattan, New York at putting over $4,300 on their credit cards.
click to enlarge GRAPHIC VIA RENT CAFE.
  • Graphic via Rent Cafe.
In order to conduct the study, researchers analyzed 50 major cities and compared data like national and local rent averages, median household income, average holiday-related household spending, and the cost-of-living for each city.

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