The multifamily market has continued to fuel the recovery of the housing market, with many Americans opting to rent instead of buy. But renting is still expensive--around 11 million people in 2014 dedicated half of their income to rent, a record high. Another 21.3 million spent at least 30%, also a new high.
WalletHub's Richie Bernardo ranked the best and worst cities for renters across the U.S. based on factors from historical rental-price changes to cost of living to jobs availability:
Scottsdale, Ariz., was the best city for renters, followed by Overland Park, Kan., Chandler, Ariz., Tempe, Ariz., and Gilbert Ariz. The worst city for renters was Oakland, Calif., followed by Hialeah, Fla., New York, Detroit, and Philadelphia.
Gilbert, Ariz., has the highest rental-affordability index, 89.15, which is four times higher than in Hialeah, Fla., the city with the lowest, 23.97. Little Rock, Ark., has the highest rental vacancy rate, 17.3%, which is seven times higher than in San Jose, Calif., and Portland, Ore., the cities with the lowest, 2.5%. New York has the highest cost-of-living index, 200, which is three times higher than in Laredo, Texas, the city with the lowest, 75.
Read more about the findings at WalletHub.