Renters Will Get the Most Bang for Their Buck in These U.S. Cities
Three of them are located in the West.
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It’s well known that the housing market is so competitive right now, but prospective home buyers aren’t the only ones hurting—renters are, too. According to personal finance website WalletHub, inflation has impacted rental prices, and 2022 saw the second-highest price growth in decades with a 6.2% year-over-year increase.
Like mortgage rates, rental rates are not all the same across cities, regions, or states—some places are more affordable than others. The team at WalletHub put together a new report, 2023’s Best & Worst Places to Rent in America, to help people figure out which rental markets will give them the most bang for their buck. Researchers at WalletHub compared 182 cities (which included the 150 most populated U.S. cities and at least two of the most populated cities in each state) to come up with the findings.
Of the overall top 10 best places to rent, three Western cities made the list: Scottsdale, Arizona; Chandler, Arizona; and Irvine, California. When it came to most affordable rentals, Cheyenne, Wyoming, was number one. And for the safest cities to rent, two Western cities made the top 5: Santa Clarita, California, and Gilbert, Arizona.
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But when it came to cost of living, four of out of the five top cities with the highest cost of living were located in the West, and those cities might not be much of a surprise to you—Fremont, California; San Francisco, California; San Jose, California; Honolulu, Hawaii; and Pearl City, Hawaii made the list.
Take a look at the 10 best and 10 worst cities for renters below.
Best Cities for Renters
1. Overland Park, Kansas
2. Scottsdale, Arizona
3. Bismarck, North Dakota
4. Sioux Falls, South Dakota
5. Chandler, Arizona
6. Fargo, North Dakota
7. Plano, Texas
8. Lincoln, Nebraska
9. Irvine, California
10. Nashua, New Hampshire
Worst Cities for Renters
173. Hialeah, Florida
174. Shreveport, Louisiana
175. Huntington, West Virginia
176. New Orleans, Louisiana
177. Chattanooga, Tennessee
178. Akron, Ohio
179. Jackson, Mississippi
180. Memphis, Tennessee
181. Cleveland, Ohio
182. Detroit, Michigan
