U.S. Cities Where Renters Thrive: Study 2024
4 min readHere is the summary of the findings:
| City | State | Population | Average rent ($) | Income per capita ($) | Rent to income rate | Occupied housing units | Rent occupancy rate | Geographical mobility* |
| Newark | New Jersey | 304,943 | 1,450 | 28,277 | 61.53% | 94% | 75% | 11.2% |
| Jersey City | New Jersey | 291,663 | 3,090 | 58,216 | 63.69% | 94% | 72% | 12.3% |
| Miami | Florida | 460,289 | 2,600 | 49,105 | 63.54% | 86% | 67% | 18% |
| New York City | New York | 8,097,282 | 4,300 | 50,764 | 101.65% | 92% | 67% | 9.7% |
| Los Angeles | California | 3,795,936 | 2,795 | 46,699 | 71.82% | 93% | 65% | 10.6% |
| Boston | Massachusetts | 646,622 | 2,990 | 61,919 | 57.95% | 92% | 64% | 19.4% |
| San Francisco | California | 788,478 | 2,970 | 88,336 | 40.35% | 89% | 63% | 15.6% |
| Cincinnati | Ohio | 311,112 | 1,400 | 40,759 | 41.22% | 91% | 62% | 18.9% |
| Orlando | Florida | 320,753 | 1,570 | 43,218 | 43.59% | 93% | 61% | 20.2% |
| Washington | District of Columbia | 681,683 | 2,330 | 78,479 | 35.63% | 91% | 61% | 21% |
The U.S. city with the most rentersisNewark,New Jersey,with 75% of the population living in rented housing. Withan average rent of $1,450, the city offers affordable options compared to neighboring Jersey City and NYC. Despite the challenges posed by a relatively low income per capita, the city continues to attract renters seeking affordable living in a metropolitan area.
Jersey City, New Jersey,comes secondamong the U.S. cities with most renters, recording 72% rent occupancy rate. While rent here isover 2 times higher than in Newark, residents also enjoya higher per capita income. The city remains an attractive choice for renters looking to be close to New York without the challenging price tag.
Miami, Florida,ranks third, with 67% of the population renting their homes. The average rent is $2,600, which is relatively affordable compared to other large cities, but the rent-to-income ratio shows that Miami renters are still paying a considerable portion of their income for housing. Miami’s housing market shows instability compared to Newark or Jersey City, with 18% of people moving in the last year.
New York City, New York ranksfourthhaving 67% rent occupancy rate, same as Miami. Despite high rent costs averaging $4,300 per month, which consumes over102% of the per capita income, the city remains a desired spot for renters. 92% of the houses are already occupied, showing high demand and a competitive rental market.
Los Angeles, California, comes infifthin the ranking of the U.S. cities with the most renters,with 65% of the population living in the rented houses. Renters in LA face an averagemonthly rent of $2,795, which is slightly more affordable than New York or Jersey City. The city’s high rent-to-income ratio highlights the ongoing challenge renters face, but its desirable location keeps demand for rental properties, with93% of its housing units occupied.
Boston, Massachusetts, issixthwith 64% of its residents renting their homes. The average rent in Boston is$2,990,which is managed by the city’s higher average yearly income of$61,919. Boston’s strong economy and educational opportunities keep the demand for housing high, with92%of housing units occupied.
San Francisco, California, holds theseventhspot with a rent occupancy rate of 63%. Therent-to-income ratioin San Francisco remains relativelylow at 40.35%,indicating that despite an averagerent cost of $2,970, many residents can still manage the costs. With 89% of housing units occupied, San Francisco balances high demand with available housing.
Cincinnati, Ohio, follows closely witheighthplace and 62% of people renting their homes. With an average rent of just$1,400,Cincinnati offersthe lowest rentin the top-10. This, coupled with a per capita income of $40,759, makes the cityan attractive option for renterslooking to balance affordability with quality of life.
Orlando, Florida, follows inninthposition with a 61% rent occupancy rate. Orlando offers relativelyaffordable rentat an average of $1,570. The city’s per capita income of $43,218 contributes to a 43.59% rent-to-income ratio, making it a competitive choice for renters. Additionally, with 93% of housing units occupied, Orlando continues to draw people seeking an affordable rental market in Florida.
Washington, D.C., rounds out the list of US cities with the most renters with 61% rent occupancy. The city offers rent of $2,330 on average, higher than in Orlando or Cincinnati. Despite high rent costs, Washington D.C. has a significantly higher per capita income of $78,479. The rent-to-income ratio of 35.63% is one of the lowest among the cities surveyed, showing that D.C.’s high-income levels help mitigate the costs of renting in the capital city.
Neel Achary
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