From WalletHub: 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. 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.
As more people have been vaccinated against COVID-19 and states have reopened, rental prices have hit the highest level in two years, after being relatively low in 2020. Meanwhile, mortgage rates are also starting to rise again. 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.
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. Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.
Renting a Home in Columbia (1=Best; 91=Avg.):
- 24th – Rental Affordability
- 88th – Rental Vacancy Rate
- 95th – Rent-to-Price Ratio
- 6th – Job Market
- 2nd – % of Residents Who Are Fully Vaccinated
For the full report, please visit:
Other ranked cities in Maryland on the list include:
- Baltimore: Ranked #152