Where Renters Can Get More Bang for Their Buck in the US

Everyone needs somewhere to live and not everyone can afford to or wants to buy a home, so some 43 million American households are currently renting. But rental markets are not created equal and personal finance website WalletHub set out to figure out where renters can get the most bang for their buck.

In a study called “2020’s Best & Worst Places to Rent in America,” the site evaluated 182 U.S. cities, including the 150 most populated, looking at 24 factors, including cost of living, rental affordability, historical rental price changes, rent-to-home price ratio, job availability, crime rates and statewide coronavirus support.

Among the top 10 best places to rent, six were in the Midwest, including the top spot: Bismarck, North Dakota. Of the top 10 worst places to rent, seven were in the South, including the bottom spot: Hialeah, Florida.

WalletHub also asked a panel of 21 experts questions such as: How can local policymakers make housing more affordable for renters without upsetting homeowners?

Kellen Zale, associate professor of law at University of Houston’s Law Center, noted that because rents nationwide have been rising faster than incomes, renters in many cities are considered “rent-burdened,” meaning they have to spend more than 30 percent of their monthly income on rent.

“There are many strategies policymakers can consider for addressing rental affordability, such as tax incentives for infill development and new rental construction; rental subsidies for public employees like teachers; and revising outdated zoning laws that limit multi-family housing. Numerous studies have shown that rental housing does not lower homeowner property values,” Zale said.

“Furthermore, when a city has a diverse mix of housing options, it can better support all segments of the population. Adopting policies to make renting more affordable ensures that millennials just out of college can live in places where job opportunities are; that retirees on fixed incomes can stay in their communities; and that teachers and health care workers can live near the schools and hospitals they work in.”

She added that many essential workers on the front lines of the COVID-19 pandemic are hourly workers who are more likely to be renters than homeowners. “We all benefit when these members of our community have access to affordable and safe rental housing,” Zale said.

Mark Stapp, executive director of the W.P. Carey School of Business, suggested cities reduce regulations, speed up approvals and “look at their own land and building inventories [and] consider any excess or underutilized property for affordable and workforce housing.”

Overall Rank (1 = Best)	City	Total Score	‘Rental Market & Affordability’ Rank	‘Quality of Life’ Rank
1	Bismarck, ND	61.97	1	72
2	Lewiston, ME	57.98	16	21
3	Lincoln, NE	57.70	23	15
4	Rapid City, SD	56.89	2	120
5	Sioux Falls, SD	56.81	3	113
6	Portland, ME	56.56	62	1
7	Cedar Rapids, IA	56.54	8	69
8	Fargo, ND	56.48	4	96
9	Fremont, CA	55.56	43	17
10	Scottsdale, AZ	55.00	85	3
11	Casper, WY	54.84	12	79
12	Chesapeake, VA	54.59	7	97
13	Boise, ID	54.36	70	8
14	Overland Park, KS	54.34	37	32
15	Billings, MT	54.16	5	133
16	Washington, DC	54.14	20	66
17	Omaha, NE	53.68	21	67
18	Gilbert, AZ	53.66	63	16
19	Columbia, MD	53.56	15	98
20	South Burlington, VT	53.46	75	6
21	Nashua, NH	53.31	57	22
22	Las Cruces, NM	53.22	22	75
23	El Paso, TX	52.96	33	60
24	Virginia Beach, VA	52.86	19	84
25	Chandler, AZ	52.85	74	14
26	Huntsville, AL	52.79	18	85
27	Peoria, AZ	52.46	65	20
28	Newport News, VA	52.08	10	126
29	Colorado Springs, CO	51.99	100	10
30	Irvine, CA	51.56	137	4
31	Albuquerque, NM	51.44	9	123
32	Fort Smith, AR	51.12	6	159
33	Des Moines, IA	51.07	29	91
34	Pittsburgh, PA	50.18	45	78
35	Henderson, NV	49.90	98	31
36	Reno, NV	49.88	87	40
37	Cheyenne, WY	49.85	27	115
38	San Francisco, CA	49.58	83	43
39	Warwick, RI	49.53	88	42
40	Denver, CO	49.48	117	23
41	Manchester, NH	49.46	66	61
42	Austin, TX	48.81	76	59
43	Santa Rosa, CA	48.78	142	9
44	San Diego, CA	48.64	162	2
45	Honolulu, HI	48.47	139	25
46	Glendale, AZ	48.41	109	39
47	Amarillo, TX	48.34	42	110
48	Bakersfield, CA	48.24	54	88
49	Oklahoma City, OK	48.21	44	107
50	Richmond, VA	48.04	32	137
51	Grand Rapids, MI	47.89	86	64
52	Fresno, CA	47.82	48	105
53	Mesa, AZ	47.81	114	41
54	Winston-Salem, NC	47.79	30	150
55	Little Rock, AR	47.75	13	170
56	Jersey City, NJ	47.66	28	138
57	Worcester, MA	47.61	104	52
58	Madison, WI	47.55	60	92
59	Lexington-Fayette, KY	47.53	59	95
60	Raleigh, NC	47.48	39	140
61	Wilmington, DE	47.39	36	136
62	Juneau, AK	47.26	26	154
63	Wichita, KS	47.20	17	157
64	Charleston, SC	47.15	107	58
65	Missoula, MT	47.11	35	149
66	Tampa, FL	47.02	150	13
67	Plano, TX	46.99	132	35
68	Nampa, ID	46.97	106	62
69	Phoenix, AZ	46.96	118	51
70	Huntington Beach, CA	46.90	159	5
71	Tempe, AZ	46.76	111	56
72	Greensboro, NC	46.72	34	141
73	San Antonio, TX	46.71	61	103
74	Norfolk, VA	46.57	25	156
75	Orlando, FL	46.55	140	36
76	Springfield, MO	46.49	11	177
77	Corpus Christi, TX	46.47	41	125
78	New York, NY	46.46	123	54
79	Las Vegas, NV	46.43	130	45
80	Louisville, KY	46.43	46	132
81	Rancho Cucamonga, CA	46.35	147	18
82	Tucson, AZ	46.28	92	82
83	Aurora, IL	46.28	73	100
83	Burlington, VT	46.28	116	63
85	Minneapolis, MN	46.25	113	65
86	Chula Vista, CA	46.19	154	19
87	Buffalo, NY	45.86	52	121
88	Arlington, TX	45.79	93	89
88	Durham, NC	45.79	49	129
90	Fontana, CA	45.65	133	46
91	Grand Prairie, TX	45.57	134	48
92	Aurora, CO	45.50	134	57
93	Fort Worth, TX	45.48	97	87
94	Spokane, WA	45.35	68	114
95	St. Louis, MO	45.26	24	168
96	Modesto, CA	45.24	78	104
97	Kansas City, MO	45.23	55	134
98	Rochester, NY	45.21	90	102
99	Jacksonville, FL	45.20	122	68
100	Philadelphia, PA	45.19	56	131
101	Montgomery, AL	45.16	50	152
102	Mobile, AL	45.13	40	160
103	Providence, RI	45.09	80	106
104	Houston, TX	44.89	53	146
105	St. Petersburg, FL	44.57	149	44
106	Pearl City, HI	44.55	155	26
107	Cincinnati, OH	44.54	77	111
108	West Valley City, UT	44.37	115	83
109	Oakland, CA	44.17	84	117
110	Riverside, CA	44.15	136	70
111	St. Paul, MN	44.15	129	77
112	Sacramento, CA	44.08	171	24
113	Fort Wayne, IN	44.07	64	139
114	Columbus, OH	44.03	95	108
115	Portland, OR	44.02	131	76
116	Yonkers, NY	43.99	153	34
117	Oxnard, CA	43.81	152	50
118	Anaheim, CA	43.68	169	30
119	Glendale, CA	43.60	172	12
120	Santa Clarita, CA	43.47	161	33
121	Chattanooga, TN	43.41	81	130
122	Milwaukee, WI	43.41	38	171
123	Birmingham, AL	43.37	69	147
124	Anchorage, AK	43.36	14	181
125	Baltimore, MD	43.29	31	176
126	Salt Lake City, UT	43.27	105	109
127	North Las Vegas, NV	43.19	127	94
128	Charlotte, NC	43.13	58	158
129	Pembroke Pines, FL	43.09	168	29
130	Columbia, SC	42.99	51	165
131	San Jose, CA	42.97	166	37
132	Brownsville, TX	42.97	91	135
133	Garden Grove, CA	42.90	176	7
134	Nashville, TN	42.87	102	116
135	Boston, MA	42.87	175	27
136	Dover, DE	42.80	89	144
137	Ontario, CA	42.47	160	47
138	Salem, OR	42.44	108	119
139	Oceanside, CA	42.38	177	11
140	Tulsa, OK	42.31	98	127
141	Chicago, IL	42.17	79	153
142	Seattle, WA	42.13	148	73
143	Atlanta, GA	42.07	145	81
144	Moreno Valley, CA	42.00	146	74
145	Long Beach, CA	41.98	170	49
146	Baton Rouge, LA	41.90	94	145
147	Irving, TX	41.86	141	99
148	Knoxville, TN	41.21	103	148
149	Lubbock, TX	41.17	67	164
150	Los Angeles, CA	41.12	173	55
151	Cape Coral, FL	40.96	179	28
152	Vancouver, WA	40.95	156	71
153	Laredo, TX	40.84	120	128
154	Fayetteville, NC	40.75	47	180
155	Columbus, GA	40.75	71	169
156	Port St. Lucie, FL	40.61	178	38
157	Charleston, WV	40.42	96	163
158	Tallahassee, FL	40.15	126	143
159	Shreveport, LA	40.05	101	161
160	Garland, TX	39.35	164	93
161	Stockton, CA	39.32	138	142
162	Akron, OH	39.15	110	162
163	Dallas, TX	39.09	151	112
164	Santa Ana, CA	39.01	180	53
165	Indianapolis, IN	38.72	72	178
166	Newark, NJ	38.63	128	155
167	Fort Lauderdale, FL	38.56	163	101
168	Bridgeport, CT	38.23	174	86
169	Toledo, OH	37.90	112	166
170	New Orleans, LA	37.70	144	151
171	New Haven, CT	37.56	157	122
172	San Bernardino, CA	37.44	158	124
173	Tacoma, WA	37.07	165	118
174	Augusta, GA	37.03	121	175
175	Gulfport, MS	36.94	125	172
176	Jackson, MS	36.71	119	174
177	Miami, FL	35.81	181	80
178	Detroit, MI	34.80	124	179
179	Cleveland, OH	34.74	143	173
180	Memphis, TN	34.55	82	182
181	Huntington, WV	32.96	167	167
182	Hialeah, FL	32.02	182	90

Source: WalletHub

WalletHub also ranked the cities by most and least affordable rentals (most affordable: Cedar Rapids, Iowa; least affordable: Hialeah, Florida), lowest and highest median rent growth forecast (lowest: Milwaukee, Wisconsin; highest: North Las Vegas, Nevada), highest and lowest rental vacancy rate (highest: Little Rock, Arkansas; lowest: Garden Grove, California), lowest and highest rent-to-price ratio (lowest: Cheyenne, Wyoming; highest: Rochester, New York), lowest and highest cost of living (lowest: Brownsville, Texas; highest: San Francisco, California) and most and least safe (most: Port St. Lucie, Florida, least: Memphis, Tennessee).

To see how your city stacks up or read the entire report, click here.

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Topics: rentals

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