10 Affordable Big Cities for Renters | Mount Kisco Real Estate

Homeownership isn’t for everyone. Some, including many young adults, simply  don’t have the money for a down payment on a house. Others covet the  flexibility of renting, which makes it easy to move across town for a  better apartment or cross-country for a better job.

Renting is an especially popular option in big cities, where career, social  and educational opportunities tend to be clustered and populations tend to be  more transient. In fact, renters outnumber homeowners in six of the ten  most populous cities in the country, according to the 2010 U.S. Census.  But not all rental markets are created equal. An apartment in Manhattan goes for  an average of $3,350 a month, more than triple the typical American’s mortgage  payment.

That’s why we went in search of the most affordable big cities for renters.  To pinpoint these promising places, we started with the nation’s 75 largest  metropolitan areas and ranked them based on average monthly rent, median  household income for renters, residential rental vacancy rate and overall cost  of living. Our top ten cities exhibit an appealing combination of  affordable living expenses, including rent, relative to the typical earnings of  renters. Take a look.




Read more at http://www.kiplinger.com/slideshow/real-estate/T006-S001-affordable-big-cities-for-renters/index.html#JL1FdUKlUHrD8dvx.99

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