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Region ranks near bottom for renters

Rochester ranks among the bottom quarter of cities for renters, a report from WalletHub shows.

In 2016’s Best & Worst Cities for Renters, WalletHub—a social website launched by Evolution Finance that offers financial tools and information for consumers and small business owners—compared the nation’s largest 150 cities based on their rental attractiveness and quality of life.

Rochester ranked 125th overall, 113th for its rental market and affordability and 133rd for its quality of life.

According to the report, Scottsdale, Ariz., is the best city for renters, while Oakland, Calif., is the worst.

Citing a 2016 U.S. housing report by Harvard University, WalletHub noted that the rental market continues to drive the housing recovery, with more than 36 percent of households nationwide opting to rent last year, the largest share since the late 1950s.

The WalletHub report found that Gilbert, Ariz., has the highest rental-affordability index, while Little Rock, Ark., has the highest rental vacancy rate. Newark, N.J., has the highest percentage of renters, while New York City has the highest cost-of-living index.

The lowest cost-of-living index, according to the report, is in Laredo, Texas.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

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