A new report from Wallethub identifies where renters can get the maximum bang for their buck this year. The personal finance company analyzed data from the US Census Bureau, Zillow, and more to compare key indicators of affordability, rental attractiveness, and quality of life in more than 180 markets across the US.
The study weighed factors including rents, their annual price growth, employment opportunities, and the cost of living in each metro. Cities aren't ranked by cheapest rents.
It discovered that renters in parts of Arizona and California — which had a strong showing in the top 15 — are seeing a greater benefit to renting than their peers living in other parts of the US.
It might be surprising, but even San Francisco ranked in the top 15. Jill Gonzalez, an analyst at Wallethub, said that while rents are expensive in the Golden City, its generally high incomes help balance out its affordability.
"We looked at two things here: rental market affordability and quality of life. And within those categories, there are several other metrics," Gonzalez told Insider. "San Francisco, although rent is very high, income is also very high. So when you're actually looking at rental affordability, that is calculated not only by sheer rent, but then dividing that by median annual household income. So that number is actually not that disappointing."
There's a glimmer of hope: There are still metros in the US where it's possible to have a high quality of life and rents that jive with the offerings of the local economy, allowing renters to thrive within their communities.
15. San Francisco, California
San Francisco, California.
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Median gross rent: $2,130
Median annual household income: $126,187
Percentage rent increase since 2021: -5.15%
Resident review: One fan of San Francisco wrote on Niche: "San Francisco is a melting pot of culture, diversity, and art. It has the best nightlife, restaurants and theaters."
14. Cedar Rapids, Iowa
Cedar Rapids, Iowa.
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Median gross rent: $836
Median annual household income: $63,170
Percentage rent increase since 2021: 7.77%
Resident review: Cedar Rapids is on the up and up, according to one resident: "Cedar Rapids has grown so much in the last few years and has really embraced inclusivity," they wrote. "Overall, it is a cheaper place to live than other cities of similar size outside of the Midwest"
13. Gilbert, Arizona
Gilbert, Arizona.
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Median gross rent: $1,662
Median annual household income: $105,733
Percentage rent increase since 2021: 18.76%
Resident review: One person wrote that Gilbert is an easygoing place to live. "Everything is right around the corner from my home," they wrote. "The schools are great for my kids and they love going and playing at the parks.
12. Fremont, California
Fremont, California.
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Median gross rent: $2,591
Median annual household income: $153,475
Percentage rent increase since 2021: 0.59%
Resident review: A current resident said that Fremont has great cuisine, stemming from the area's cultural and racial diversity. "The diversity amongst the residents is phenomenal," they wrote. "There are so many cuisine options throughout the city so you can never get bored."
11. Columbia, Maryland
Columbia, Maryland.
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Median gross rent: $1,795
Median annual household income: $113,592
Percentage rent increase since 2021: 5.88%
Resident review: According to one resident, business is booming in Columbia. "There are a lot of small businesses to support and it is very well-kept," they wrote.
10. Nashua, New Hampshire
Nashua, New Hampshire.
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Median gross rent: $1,416
Median annual household income: $78,501
Percentage rent increase since 2021: 9.03%
Resident review: A current resident said that nowhere else compares to Nashua. "I was born and raised in Nashua, but I left in my early twenties" they wrote. "Every time I came home to Nashua, I questioned my choice to leave. I've recently moved back with my family and couldn't be happier."
9. Irvine, California
Irvine, California.
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Median gross rent: $2,533
Median annual household income: $114,027
Percentage rent increase since 2021: 4.48%
Resident review: Irvine is a safe city to live in, according to one resident. "Irvine is an extremely safe place with a very low crime rate," they wrote. "The education and the city design are also very nice, and both are extremely conducive to a good educational and social life."
8. Lincoln, Nebraska
Lincoln, Nebraska.
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Median gross rent: $920
Median annual household income: $62,566
Percentage rent increase since 2021: 5.87%
Resident review: According to one resident, there's no better place to live than Lincoln. "I've lived in Lincoln, Nebraska the entirety of my life and, truly, there's no other place I'd rather reside," they wrote. "Living in Lincoln, you'll always have someone looking out for you, whether a neighbor, family, or friend."
7. Plano, Texas
Plano, Texas.
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Median gross rent: $1,541
Median annual household income: $99,729
Percentage rent increase since 2021: 7.82%
Resident review: One resident wrote that moving to Plano was the right choice. "Moving from a smaller town in the Midwest to Plano has been one of the best decisions that I've made so far," they wrote. "I've encountered so many people in public who have been so warm and welcoming; it's honestly a culture shock."
6. Fargo, North Dakota
Fargo, North Dakota.
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Median gross rent: $841
Median annual household income: $60,243
Percentage rent increase since 2021: 2.22%
Resident review: A resident of Fargo wrote that the city offers residents a great quality of life. "Fargo is a great place to work and live," they wrote. There's an abundance of jobs, especially the medical field. There are plenty of restaurants, housing and activities throughout the year."
5. Chandler, Arizona
Chandler, Arizona.
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Median gross rent: $1,481
Median annual household income: $91,299
Percentage rent increase since 2021: 18.76%
Resident review: According to one resident, Chandler is a very versatile city. "You are close to a lot of other amazing cities and there's plenty to do around here," they wrote. "I always feel safe and there are so many amazing schools."
4. Sioux Falls, South Dakota
Sioux Falls, South Dakota.
Jacob Boomsma/Shutterstock
Median gross rent: $892
Median annual household income: $66,761
Percentage rent increase since 2021: 4.21%
Resident review: A current resident said Sioux Falls has many opportunities for residents. "From going to school, getting a job, or getting involved through the community, Sioux Falls is a great family city where there is room to grow and thrive," they wrote.
3. Bismarck, North Dakota
Bismarck, North Dakota.
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Median gross rent: $904
Median annual household income: $70,125
Percentage rent increase since 2021: 2.5%
Resident review: A fan of Bismarck said that the town is very down to earth. "Bismarck is a friendly town with wonderful people," they wrote. "It is a safe place to live with lots to do in a small town atmosphere."
2. Scottsdale, Arizona
A suburb of Scottsdale, Arizona.
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Median gross rent: $1,578
Median annual household income: $97,409
Percentage rent increase since 2021: 18.76%
Resident review: A resident said that Scottsdale has something to offer everyone. "It's a beautiful city and there is stuff to do for all people," they wrote. "There are golf courses galore, art galleries, and a musical instruments museum." There are also mountains for hiking, they said.
1. Overland Park, Kansas
Overland Park, Kansas.
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Median gross rent: $1,248
Median annual household income: $92,769
Percentage rent increase since 2021: 6.95%
Resident review: One resident wrote on school and neighborhood search engine Niche: "Overland Park is a very family friendly area with good schools and a lot of amenities," they said. "The city is a safe and friendly area, and has been a wonderful place to raise our children."
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