US Cities Where Renters Thrive: Study 2024

US Cities Where Renters Thrive: Study 2024

US Cities Where Renters Thrive: Study 2024

• A new study reveals that the U.S. city with the most renters is Newark, New Jersey, with 75% of its population living in rented housing.
• In New York City, housing costs consume 102% of the average income, yet 67% of the population continues to rely on rental housing.
• Cincinnati offers the lowest average rent cost of $1400, becoming an attractive option for renters seeking affordability.

A recent study by Highland Cabinetry reveals the U.S. cities with the most renters, offering a comprehensive analysis of rent occupancy rates. The study highlights which cities are home to the largest proportion of renters, reflecting housing market dynamics across the country and using metrics such as population, average rent costs, rent-to-income ratio, rent occupancy rate and geographical mobility percentage. The study sources data from the U.S. Census as well as Zillow and Statista.

$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.

A spokesperson from Highland Cabinetry commented on the study: “The rental market in the U.S. cities is constantly shifting, and this analysis shows how factors like affordability and location continue to drive rental trends. While cities like Newark and Cincinnati offer lower rent prices, places like New York and Los Angeles remain popular despite their high costs. These insights help us understand the broader housing landscape and highlight the importance of finding solutions that meet the growing demand for rental properties in both affordable and high-demand areas.”