Who says renting is throwing away money? According to this Forbes magazine article, the five best cities where it is better to rent are:
1. Orlando, FL
2. Miami, FL
Milwaukee, WI (three-way tie)
3. Tucson, AZ
And the five worst places to rent:
1. Cleveland, OH
2. Boston, MA
3. Kansas City, MO
4. New York City, NY
5. New Haven, CT
Three factors were considered when compiling the data:
– Annual change in monthly rent.
– Percent increase of new rental construction in 2008.
– Percent difference between the area’s average monthly rental payment and the average monthly mortgage payment.
See the complete slide show to see where your city ranked. The slides go from worst to best.
Credit: Forbes article