In this housing market, renting may have to be a permanent way of life for many. Here are the cities with the best quality of life for renters.
In this housing market, renting may have to be a permanent way of life for many. Here are the cities with the best quality of life for renters.
The bubble that’s bursting these days might just be the dream many Americans had of buying their first home.
High prices, rising mortgage rates, decreasing home inventory and stiff competition among buyers are making it tougher than ever for hopeful first-time home buyers.
These obstacles are complicating the homeownership dream for nearly 90% of all renters, according to Fortune, and many, especially younger millennials burdened with student debt, are facing the reality of renting forever.
But rents are rising, too. According to Zumper’s May data, the median one-bedroom rent in the U.S. is $1,414 and two bedrooms is at $1,758. Zillow (ZG) – Get Zillow Group Inc. Report says typical rent is up 15.9% over last year.
Faced with this reality of cost and renting for the long term—or possibly forever—where is a renter to go?
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To find the best cities for renters, RentCafe.com, a nationwide apartment search website, analyzed 115 small, medium and large cities around the U.S. and compared their rents, cost of living, housing, quality of life and other economic data.
They found that small cities, including suburbs of large metros, tend to offer the best life for renters. Many are clustered in southern and southeastern part of the country. What they all have in common is a healthy pace of new apartment construction and a wide selection of amenity-rich properties. The top city is Round Rock, Texas, a small city of about 128,000 just 15 miles outside of Austin, Texas, which is also on this list. Round Rock, an up-and-coming tech center and so-called “sports capital of Texas” scored high in all of the main categories, ranking No. 13 in cost of living, No. 10 in terms of local economy and No. 12 in quality of life.
The study included only cities with at least 10,000 apartment units. The 115 cities were compared across three main categories:
Cost of living and housing, which also included average apartment size, occupancy and share of new apartmentsLocal economy, which includes unemployment rate, education, income and job growthQuality of life, which includes the number of apartments in top locations, quality of schools, commuter delays, the natural amenities in the area and air quality.Based on RentCafe’s study, these are the best cities in the U.S. for renters.
1. Round Rock, TexasPopulation: 128,812Cost of living: 94% of U.S. averageLocal economy rank: 10Median renter income: $67,740Quality of life rank: 12Natural amenities: HighDays with good air quality: 146Shutterstock
2. Raleigh, N.C.Population: 469,698Cost of living: 96% of U.S. averageLocal economy rank: 12Median renter income: $52,871Quality of life rank: 9Natural amenities: LowDays with good air quality: 1963. Conroe, TexasPopulation: 88,369Cost of living: 93% of U.S. averageLocal economy rank: 36Median renter income: $48,871Quality of life rank: 24Natural amenities: averageDays with good air quality: 168Alan Stoddard / Shutterstock
4. Greenville, S.C.Population: 69,648Cost of living: 91% of U.S. averageLocal economy rank: 25Median renter income: $46,138Quality of life rank: 45Natural amenities: above averageDays with good air quality: 1895. Orlando, Fla.Population: 284,817Cost of living: 97% of U.S. averageLocal economy rank: 17Median renter income: $50,679Quality of life rank: 21Natural amenities: highDays with good air quality: 1516. Jacksonville, Fla.Population: 902,488Cost of living: 93% of U.S. averageLocal economy rank: 47Median renter income: $45,677Quality of life rank: 25Natural amenities: highDays with good air quality: 1317. Charlotte, N.C.Population: 873,570Cost of living: 97% of U.S. averageLocal economy rank: 19Median renter income: $54,602Quality of life rank: 30Natural amenities: below averageDays with good air quality: 187James Kirkikis / Shutterstock
8. Charleston, S.C.Population: 137,041Cost of living: 100% of U.S. averageLocal economy rank: 8Median renter income: $54,381Quality of life rank: 38Natural amenities: above averageDays with good air quality: 2289. AtlantaPopulation: 497,642Cost of living: 103% of U.S. averageLocal economy rank: 21Median renter income: $47,180Quality of life rank: 17Natural amenities: below averageDays with good air quality: 18210. Austin, TexasPopulation: 965,872Cost of living: 102% of U.S. averageLocal economy rank: 7Median renter income: $61,972Quality of life rank: 10Natural amenities: HighestDays with good air quality: 14611. Sarasota, Fla.Population: 57,787Cost of living: 101% of U.S. averageLocal economy rank: 26Median renter income: $46,274Quality of life rank: 13Natural amenities: HighestDays with good air quality: 153Shutterstock
12. Savannah, Ga.Population: 145,492Cost of living: 88% of U.S. averageLocal economy rank: 73Median renter income: $39,597Quality of life rank: 58Natural amenities: above averageDays with good air quality: 22313. Plano, TexasPopulation: 288,870Cost of living: 111% of U.S. averageLocal economy rank: 1Median renter income: $78,706Quality of life rank: 5Natural amenities: averageDays with good air quality: 20114. Knoxville, Tenn.Population: 187,487Cost of living: 84% of U.S. averageLocal economy rank: 82Median renter income: $33,731Quality of life rank: 39Natural amenities: averageDays with good air quality: 20115. Tampa, Fla.Population: 395,912Cost of living: 96% of U.S. averageLocal economy rank: 35Median renter income: $44,559Quality of life rank: 23Natural amenities: HighestDays with good air quality: 12616. Columbia, S.C.Population: 134,057Cost of living: 93% of U.S. averageLocal economy rank: 78Median renter income: $33,473Quality of life rank: 35Natural amenities: averageDays with good air quality: 19117. Lincoln, Neb.Population: 286,388Cost of living: 93% of U.S. averageLocal economy rank: 42Median renter income: $42,920Quality of life rank: 68Natural amenities: LowestDays with good air quality: 18918. San Antonio, TexasPopulation: 1.5 millionCost of living: 94% of U.S. averageLocal economy rank: 62Median renter income: $42,941Quality of life rank: 28Natural amenities: HighDays with good air quality: 156Shutterstock
19. HoustonPopulation: 2.3 millionCost of living: 95% of U.S. averageLocal economy rank: 41Median renter income: $46,071Quality of life rank: 47Natural amenities: below averageDays with good air quality: 120Shutterstock
20. Fort Worth, TexasPopulation: 892,221Cost of living: 96% of U.S. averageLocal economy rank: 38Median renter income: $49,272Quality of life rank: 43Natural amenities: averageDays with good air quality: 15121. Lubbock, TexasPopulation: 257,013Cost of living: 93% of U.S. averageLocal economy rank: 65Median renter income: $36,642Quality of life rank: 72Natural amenities: averageDays with good air quality: 187arthurgphotography / Shutterstock
22. Columbus, OhioPopulation: 889,079Cost of living: 92% of U.S. averageLocal economy rank: 43Median renter income: $46,365Quality of life rank: 96Natural amenities: LowestDays with good air quality: 189T photography/ Shutterstock
23. Amarillo, TexasPopulation: 199,225Cost of living: 81% of U.S. averageLocal economy rank: 69Median renter income: $40,848Quality of life rank: 28Natural amenities: HIghDays with good air quality: 189Shutterstock
24. Nashville, Tenn.Population: 667,070Cost of living: 97% of U.S. averageLocal economy rank: 20Median renter income: $50,643Quality of life rank: 74Natural amenities: averageDays with good air quality: 12325. Huntsville, Ala.Population: 199,845Cost of living: 90% of U.S. averageLocal economy rank: 55Median renter income: $37,193Quality of life rank: 95Natural amenities: LowDays with good air quality: 13926. Kansas City, Mo.Population: 491,158Cost of living: 95% of U.S. averageLocal economy rank: 50Median renter income: $42,751Quality of life rank: 70Natural amenities: LowDays with good air quality: 173Shutterstock
27. Stamford, Conn.Population: 130,057Cost of living: 137% of U.S. averageLocal economy rank: 11Median renter income: $72,060Quality of life rank: 8Natural amenities: HighDays with good air quality: 13928. Lafayette, La.Population: 126,674Cost of living: 91% of U.S. averageLocal economy rank: 54Median renter income: $38,483Quality of life rank: 59Natural amenities: LowestDays with good air quality: 25729. Fort Lauderdale, Fla.Population: 181,818Cost of living: 119% of U.S. averageLocal economy rank: 26Median renter income: $52,469Quality of life rank: 22Natural amenities: HighestDays with good air quality: 12530. Chattanooga, Tenn.Population: 181,370Cost of living: 93% of U.S. averageLocal economy rank: 78Median renter income: $38,080Quality of life rank: 54Natural amenities: averageDays with good air quality: 182Check out how all the cities ranked and see the methodology for this study at RentCafe.com.