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Rent Is Most Expensive In These Parts Of Cleveland
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Jul 22, 2021
While buying a home is the American Dream for some people, others just can’t afford it, or don’t want to bother with the responsibilities of owning their own place. And in some cases it actually may be smarter to rent than to buy, but of course that depends on where you choose to rent that home.
Well, now WalletHub has come out with a list of the Best and Worst Places to Rent in America.
They compared over 180 rental markets on 22 key measures in areas of rental market and affordability, and quality of life.
They looked at things like the difference between rental rates and mortgage payments, the cost of living, job availability and more.
NYC Ranks Poorly In Best & Worst Places To Rent Study
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Cedar Rapids, Iowa, has the highest
rental affordability, with the lowest median annual gross rent divided by median annual household income at 15.73 percent, which is 2.5 times lower than in Hialeah, Florida, the city with the lowest at 40.04 percent.
Little Rock, Arkansas, has the highest
rental vacancy rate, 14.00 percent, which is 14 times higher than in Nashua, New Hampshire, the city with the lowest at 1.00 percent.
Newark, New Jersey, has the highest
share of renter-occupied housing units, 77.70 percent, which is 3.4 times higher than in Port St. Lucie, Florida, the city with the lowest at 23.10 percent.
Brownsville, Texas, has the lowest
cost-of-living index, 74, which is 2.7 times lower than in Honolulu and Pearl City, Hawaii, the cities with the highest at 199.
That’s according to WalletHub. The personal finance site ranked the Best & Worst Places to Rent in America in 2021 to help you get “the most bang for your buck.”
About 44 million American households have chosen renting rather than buying, according to the WalletHub report. But choosing to rent may not save people money. Rental prices have skyrocketed to the highest level in two years after the COVID-19 pandemic, the report states.
Here’s how they did found out which cities are better for renting than others:
“To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life. Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.”
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