Best cities for renters in the US? Louisville, Lexington make top 10 in Forbes study
Looking for a new place to rent? Kentucky might be a great option.
In a recent Forbes study, both Lexington and Louisville ranked among the top 10 out of 95 major United States cities when it comes to being renter-friendly. Forbes Advisor surveyed 2,000 renters to see what exactly they look for when it comes to renting a place and if they ever plan to buy their own home. Of those surveyed, 34% said they never plan on buying a home. The main reason for them, and even those who hope to purchase a home eventually, is finances.
Cities could score up to 100 across 21 key metrics spanning three categories in factors including; rent-to-income ratios, median rental prices, availability, and amenity prevalence, among others.
Here's a look at some of the best, and worst, cities to rent in in the U.S.
Top 10 best cities for renters
Looking to a city to move to? Here's the top 10 best places for renters.
Lincoln, Nebraska
Omaha, Nebraska
Raleigh, North Carolina
Austin, Texas
Oklahoma City, Oklahoma
Lexington, Kentucky
Durham, North Carolina
Louisville, Kentucky
Tucson, Arizona
Winston-Salem, North Carolina
Top 5 worst cities for renters
Kentucky didn't make it in the worst cities to live in, but the ones in the bottom five aren't too shocking.
Newark, New Jersey
Long Beach, California
New York, New York
Anaheim, California
Oakland, California
Where did Louisville score?
Louisville, Kentucky, earned a score of 83.52 out of 100, bringing it to number 8 out of 95.
The average rent price in Louisville is $1,350, according to Forbes.
Where did Lexington score?
Lexington, Kentucky, earned a score of 91.15 out of 100, bringing it to number 6 out of 95 — despite having a higher average monthly rent cost than Louisville.
The average rent price in Lexington is $1,500, according to Forbes.
Renting becomes more affordable the buying
According to a report in January by the research firm ATTOM Data Solutions, it's more affordable to rent than to own a home in nearly 90% of U.S. counties. Factors that put buying out of reach? A 30-year mortgage interest rate holding steady at around 7% and soaring home prices. The S&P CoreLogic Case-Shiller U.S. National Home Price Index showed a 6.5% rise in March from the year before ‒ the index's sixth record high within the past 12 months, according to reports from USA TODAY.
And in metro areas, the price between renting and mortgage payments is a big gap.
The typical monthly rent nationally was $1,979 as of February. The typical monthly mortgage payment of a median-priced home in the U.S. was $2,703.
This article originally appeared on Nashville Tennessean: Best cities for renters? Lexington, Louisville among top 10 in US
