Renters who pay more than 30% of income on rent are considered “rent-burdened” by the federal government. American renters now average over that rent-burdened threshold for the first time in 20 years (up 1.5% from last year), according to a recent Moody’s Analytics housing affordability report.
Those looking to get out of renting may find it hard to buy a home. High home prices and rising interest rates have prevented prospective first-time home buyers from making the leap to homeownership.
Forbes Advisor evaluated the 96 most-populated U.S. cities with available data across 23 different metrics to uncover the best cities for renters. We considered average rental prices and unit sizes for one- and two-bedrooms rentals, the year-over-year percentage change in average rent, the percentage of renters who are rent-burdened, crime rates, the percentage of dog-friendly rentals, amenities and other metrics to identify the best cities to rent in.
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