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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.
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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.
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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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