As COVID-19 continues to rage across much of the U.S., people are still buying homes and moving into rental units—and "pandemic pricing" may be one of the few silver linings of this crisis. Although home prices have steadily risen, mortgage rates have hit all-time lows, and rent prices have stayed close to where they were in 2019.
In a recent report, WalletHub looked to assist renters who want to get more bang for their buck. By evaluating 182 U.S. cities across 24 key indicators, from quality of life to rental attractiveness, the personal finance site ranked the cities from best to worst.
Some interesting takeaways include the fact that Cedar Rapids, Iowa, which has the lowest median annual gross rent divided by median annual household income at 15.24 percent, has the highest rental affordability out of all the cities ranked.
Also, Little Rock, Ark., has the highest rental vacancy rate (14.3 percent); a figure that is 11 times higher than in Garden Grove, Calif., the city with the lowest at 1.3 percent.
Here are the 10 best and 10 worst cities in the U.S. for renters, according to WalletHub:
|Best Cities for Renters||Worst Cities for Renters|
|1. Bismarck, N.D.||1. Hialeah, Fla.|
|2. Lewiston, Maine||2. Huntington, W.Va.|
|3. Lincoln, Neb.||3. Memphis, Tenn.|
|4. Rapid City, S.D.||4. Cleveland, Ohio|
|5. Sioux Falls, S.D.||5. Detroit, Mich.|
|6. Portland, Maine||6. Miami, Fla.|
|7. Cedar Rapids, Iowa||7. Jackson, Miss.|
|8. Fargo, N.D.||8. Gulfport, Miss.|
|9. Fremont, Calif.||9. Augusta, Ga.|
|10. Scottsdale, Ariz.||10. Tacoma, Wash.|
For a better understanding of where these ranked cities are located, be sure to check out the interactive map below, produced by WalletHub: