2018’s Best & Worst Places to Rent in America

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By  Adam McCann, Financial Writer | WalletHub

Homeownership isn’t for everyone. Roughly 43 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.

One reason this is such an important decision financially is that rental prices have soared over the years, jumping 2.8% in 2017 alone. And with demand for affordable housing exceeding supply, more than one-quarter of all renters – 11.1 million people in total – spend more than 50 percent of their income on housing. They are classified as “severely cost-burdened” by federal housing agencies as a result.

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.

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