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24/7 Wall St.: 6 Cities Where Rents Are Skyrocketing

4. Warren-Troy-Farmington Hills, Mich.

Change in rent: +11.8 percent
Change in sales price: +6.9 percent
Price drop from peak: -35.5 percent
Job growth, 1 year: +2.53 percent

During the recession, home prices in the Warren-Troy-Farmington Hills area of Michigan fell 35.5 percent, among the biggest drops in the country. Recently, however, asking home prices in the region, which is part of suburban Detroit, have recovered rapidly, up 6.9 percent in the past year alone. Compared to homes, however, rent prices have truly skyrocketed in the past year. In the last quarter alone, rent went up 4.5 percent. In the past 12 months, rents have gone up 11.8 percent. The likely reason for this increase is the 2.5 percent growth in employment in the area, the 10th-highest jump in the U.S.

(iStock Photo)

More From 24/7 Wall Street:
The States With The Most Homes In Foreclosure
The Ten Most And Least Affordable Cities To Buy A Home
Nine Countries Where Unemployment Does Not Exist



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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