WalletHub, a website specializing in financial affairs, analyzed which are the best and worst places to rent a house in the US, found that Columbia is the best option and Detroit is ranked at the bottom of the states.
“Not everyone owns homeownership. About 44 million American families have chosen to rent their homes rather than buy them either because of convenience or cost or both.
Renting is a good option to solve the housing problem and the right way to take it depends on several factors, including the financial means of an individual or family and how well the local market is doing.
When states allowed the Covid-19 vaccination to reopen, rental prices increased significantly. During 2021, they were growing to almost double the estimate of any previous year. Meanwhile, mortgage rates are also rising at the fastest rate in more than a decade,” notes WalletHub.
And just like house prices, rental rates vary by region, state, or city. And in some areas renting will be more profitable and better overall than owning.
By sifting through these rental market conditions, WalletHub compared 182 rental markets based on 22 key measures of rental amenity and livability to determine where renters can get the most bang for their buck.
The analysis ranges from the difference between rental rates and mortgage payments to historical price changes, cost of living and job availability.
Each metric is rated on a 100-point scale, with eighty percent representing the most appropriate holding conditions.
The best-paid places in the US, according to WalletHub;
City: (1) Colombia, MD
City: (2) Overland Park, Kansas
City: (3) Sioux Falls, South Dakota
City: (4) Bismarck, North Dakota
City: (5) Lincoln, NE.
City: (178) New Orleans, LA
City: (179) Cleveland, OH
City: (180) San Bernardino, California
city: (181) Memphis, TN .
City: (182) Detroit, MI
To see the report, go here.
The median rent in the largest US metropolitan areas increased to $1,734, up $4 from last month.
Don’t overpay, these are the 5 most expensive markets in the US in May, according to RealtyHop.
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