Oftentimes renters are usually people who find themselves moving from place to place. Many are either moving around in the same area or to an entirely different state.
Since foreclosures have swept across the country, there has been a significant rise in the number of renters. The numbers reach nearly 4 million renters, leaving vacancy pretty low.
This makes it tougher for renters to find a decent place to live, especially with a fair price. Finding that rental in a good neighborhood is also making it increasingly more difficult for renters to settle.
Many are wondering then, “Where are the best places to live while I am renting?”
Top Cities for Renters
In numerous big metropolitan areas buyers and renters alike are discovering that buying is actually a better investment and cheaper than renting.
Let’s get onto the worst cities for renters:
- New York, NY: This listing comes as no big surprise. On average the rent comes to about $3,000 a month, making it about $217 cheaper each month to just own a home.
- Minneapolis, MN: “The city of Lakes” was listed here due to its $1,000 a month renter price-tag. Being it isn’t a very popular metropolitan area, rent shouldn’t be so high. It is $122 cheaper to own by month.
- San Francisco, CA: Another one which comes as no surprise. A popular city with a quickly growing population. At about $2,000 a month it is cheaper to rent here though, by about $1,200 monthly. Pretty steep
- San Jose, CA: California’s steep price range is common. Renters will find, on average, that they will be paying around $1,500 a month. Still cheaper to rent here by about $1,000.
- Boston, MA: One of the most popular cities on the East-Coast and for good reason, but rental prices are not one of them. Average rent is around $1,800 a month, so it is about $69 cheaper to own.
- Washington D.C.: Another popular city in the east. Renters will find themselves shelling out $1,400 a month, but it will still be $200 cheaper than owning a home.
- Oakland, CA: The third listing out of Cali, and for good reason. Renters will be paying around $1,300 a month to rent, but still more inexpensive to rent regardless. By about $1,200 a month.
- New Haven, CT: This little treasure in Connecticut has become increasingly more popular…and with that, more expensive. On average, renters will be paying about $1,600 a month.
- Los Angeles, CA: This definitely is no surprise. LA is one of the most popular cities next to NYC and the rentals are around $1,300 a month on average. Still cheaper to rent by $30 bucks.
- Santa Ana, CA: Lastly on the list, another Cali city. It is about $900 cheaper to rent here, with a markup of about $1,500 in rent a month.
Overall, the biggest rent increases have occurred in cities such as Minneapolis, New York City, Washington D.C., Boston, and many big metros in California.
Rent is shooting up in the areas where job growth has been at a high. But, when looking for the most bang for your buck, renters will find these top cities are best for living.
