Credentials
The best cities for renters
Affordability issues can be found across goods and services, and Americans have especially been hit hard with rising housing prices in recent years. The average sales price for a home is $486,000 in the U.S., while the average monthly rent is $1,890.[1] But the real story behind those numbers depends on where you live, how much you make, and how the cost of buying compares to renting.
With that in mind, The Zebra looked at the 50 most populous American cities to find which ones are better for renting instead of buying. We analyzed three main data points in our search:
- Price-to-rent ratio: This takes the median home value and divides it by the median annualized rent for a two-bedroom home. The higher the ratio, the more cost-effective it is to rent than to buy.
- Price of rent compared to median income: This finds cities where rent accounts for a lower portion of income, making it easier to afford other expenses.
- Home price to income ratio: This reveals the cities where home prices are highest relative to income.
Read on to discover the top cities for affordable renting and see if you recognize your own hometown or other favorite places.
