These Mississippi cities are among the worst in the US for renters, report finds. Here’s why
Two Mississippi cities are among the worst places to rent in the U.S., according to a new analysis.
A new WalletHub report ranks Gulfport and Jackson among the worst cities for renters, putting them at the near-bottom of a national list showing where boarders “can get the most bang for their buck.” Gulfport came in at 175, followed by Jackson at 176, the report shows
Both fare slightly better than other cities on the list, including Miami, Detroit, Cleveland and Memphis.
Hialeah, Florida came in last as the worst in the U.S. for renters, according to WalletHub. Meanwhile, Bismarck, North Dakota ranked as the most rent-friendly city, followed by Lewiston, Maine; Lincoln, Nebraska; Rapid City, South Dakota; and Sioux Falls, South Dakota.
The nation’s economy was hit hard by the coronavirus crisis, which forced thousands of businesses to close and left millions without work. The housing market wasn’t spared in what WallletHub calls “pandemic pricing,” rents that have decreased in an effort to attract new renters.
“For most of 2020, average rent prices have been lower than they were last year, though in July they have started to exceed 2019’s rates slightly,” according to the personal finance website. “At the same time, mortgage rates have seen record lows while home prices have risen.”
For its “Best & Worst” analysis, the site compared 182 rental markets using 24 key measures of “rental attractiveness,” including cost of living, job availability, historical rental-price changes and security deposit limits. Cities were also ranked on quality of life, according to the report.
Kellen Zale, associate professor of law at the University of Houston, said there are number of factors renters should consider when looking at housing options.
“You may be able to rent a less expensive apartment on the outskirts of the city where you work, but you should factor in the expense (time and money) of commuting compared to renting an apartment closer to your job,” Zale said, according to WalletHub. “Also, consider what is important to you: a pool or gym in an apartment complex can be worth paying extra for, but if you don’t value these amenities, why pay for them?”
The most common mistake? “Not reading the lease before signing it,” she said.
Here are other key findings from the report:
- Brownsville, Texas, has the lowest cost-of-living index at 74, which is nearly three times lower than in San Francisco, the city with the highest at 197.
- Little Rock, Arkansas, has the highest rental vacancy rate, 14.30 percent, compared to Garden Grove, California, the city with the lowest at 1.30 percent.
Irvine, California, has the fewest violent crimes (per 1,000 residents), 0.56, compared to Detroit, which has the most at 20.08.
This story was originally published July 22, 2020 at 1:52 PM with the headline "These Mississippi cities are among the worst in the US for renters, report finds. Here’s why."