Renting in RI vs. Other States — Where Do We Rank?

Renting in RI vs. Other States — Where Do We Rank?

A new study released this week ranks 2022’s “Best and Worst Places to Rent in America.”

“To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life,” wrote WalletHub. 

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

Inflation numbers released by the federal government on Wednesday showed a significant increase in inflation and the cost of renting was a leading factor.

“Homeownership isn’t for everyone. Roughly 44 million American households have opted to rent rather than buy their homes because of convenience, cost or both,” they continue. “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.”

The best place to rent, according to the study? Columbia, Maryland. The worst? Detroit, Michigan.

 

RI and New England in Focus

Warwick comes in at #50. 

Providence comes in at #145 — ranking 149th for rental makes and affordability and 84th for quality of life. 

Boston’s not much better at #142. 

WalletHub lists New England’s best rental markets as South Burlington, VT (#15), Portland, Maine (#28), Lewiston, Maine (#35), and Nashua, NH (#40). 

“As vaccination against COVID-19 has allowed states to reopen, rental prices have risen significantly,” writes WalletHub. “During 2021, they grew at almost double the rate of any previous year. Meanwhile, mortgage rates are also rising at the fastest rate in over a decade.”

As GoLocal reported in June — homebuyers currently face a myriad of challenges. 

Inventory is down, prices remain at a record level and the cost of borrowing is racing higher.

Read more here.