The holidays are a financial struggle for the average U.S. renter, according to the latest study by RENTCafe. And when November and December are over? The typical renter will be left with a $549 shortfall for the two months.
According to RENTCafe, the average U.S. renter makes $5,865 in income during November and December. They also spend an average of $2,716 for the two months in rent and an average of $2,696 on items such as food, gas and healthcare.
Then there are the holiday obligations. RENTCafe says that the average renter spends $1,002 during November and December on gifts, sweets, decorations and family dinner.
The grand total, then, after the two holiday months? These typical renters are left with a balance of -$549.
That’s not so merry.
There are some cities across the country, though, where the average U.S. renter does end December with a positive balance. In Wichita, Kansas, for instance, the average U.S. renter ends December with a positive balance of $558. In Columbus, Ohio, that average positive balance is $324 and in Omaha, Nebraska, it’s $216. In Indianapolis, the average renter ends up with a positive balance of $216 after the winter holidays are over, and in Memphis they end with a balance of $138. Finally, in Kansas City, Missouri, renters eke out a positive balance of $75.
In other Midwest cities, the holidays are far tougher on renters. In Chicago, the average renter ends the holiday season with negative balance of $1,424. In Minneapolis, they end with a negative $891, and in Detroit they end the season with a negative balance of $890.
