Yahoo Finance If You Live in These 10 Cities, Consider Renting Over Owning
If you’re still wondering whether you should rent or own, you might want to consider the city you want to live in before making a final decision. As ongoing inflation and high mortgage rates continue to impact the real estate market, many are turning to renting as a cost-effective housing alternative.
More than 180 rental markets were compared by WalletHub based on 21 key measures of rental attractiveness and quality of life in its 2023 report on best and worst places to rent in America. GOBankingRates also added rental market trends research from Zumper to learn more about the price of an average one-bedroom apartment in each city and whether there has been a significant increase or decrease in rent since last year.
From 10th place to the No. 1 city for renters, these are the best places to rent in 2023.
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Nashua, New Hampshire
Total score: 57.28
Rental market and affordability: 53
According to July 2023 data from Zumper, the average rent for a one-bedroom apartment in Nashua is $1,773 a month. Compared to 2022, this is a 1% increase in rent.
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Irvine, California
Total score: 57.40
Rental market and affordability: 110
While the median rent in Irvine is $2,894 each month, per Zumper data, the good news is there’s a 0% year-over-year change. The average rent price remains flat compared to last year.
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Lincoln, Nebraska
Total score: 57.41
Rental market and affordability: 12
The average rent is $915 a month for a one-bedroom apartment in Lincoln. Compared to 2022, this is an 8% decrease in rent.
Plano, Texas
Total score: 57.84
Rental market and affordability: 73
If you’re planning to rent in Plano, the average rent for a one-bedroom apartment is $1,445 a month. This is a 4% decrease compared to the previous year.
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Fargo, North Dakota
Total score: 58.06
Rental market and affordability: 3
Rent prices in Fargo have experienced a 9% decrease compared to 2022. The average rent is $893 for a one-bedroom apartment.
Chandler, Arizona
Total score: 58.81
Rental market and affordability: 54
Rent has fallen just 1% compared to the previous year. As of July 2023, the average rent is $1,490 a month for a one-bedroom apartment in Chandler.
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Sioux Falls, South Dakota
Total score: 59.62
Rental market and affordability: 2
While the rental market is favorable according to WalletHub data, Sioux Falls rentals are starting to see an uptick in price. The average rent is $900 for a one-bedroom apartment in Sioux Falls — a 13% increase when compared to the previous year.
Bismarck, North Dakota
Total score: 60.56
Rental market and affordability: 1
Renters heading to Bismarck will spend an average of $1,130 each month renting a one-bedroom apartment. Compared to the previous year, this is a 3% increase in rent.
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Scottsdale, Arizona
Total score: 61.21
Rental market and affordability: 71
According to Zumper data, the average rent for a one-bedroom Scottsdale apartment as of July 2023 is $1,755 each month. This is a 9% decrease compared to 2022.
Overland Park, Kansas
Total score: 61.77
Rental market and affordability: 8
There has only been a 2% price decrease in one-bedroom apartments in Overland Park since last year. As of July 2023, the average rent is $1,270 a month for a one-bedroom Overland Park apartment.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
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This article originally appeared on GOBankingRates.com: If You Live in These 10 Cities, Consider Renting Over Owning
