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2022's Best & Worst Places to Rent in America
And the winner is Detroit Michigan!
2022's Best & Worst Places to Rent in America
Adam McCann, WalletHub, July 13, 2022
Homeownership isn’t for everyone. Roughly 44 million American households have opted to rent rather than buy their homes because of convenience, cost or both. But renting isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing.
As vaccination against COVID-19 has allowed states to reopen, rental prices have risen significantly. During 2021, they grew at almost double the rate of any previous year. Meanwhile, mortgage rates are also rising at the fastest rate in over a decade. Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.
To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life. Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.
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