Worst Places For Renters: Chicago Makes The List

CHICAGO, IL — Nearly half of Americans — about 43 percent, according to the Pew Research Center — have opted to rent rather than buying a home. But renting makes more sense in some places than in others. A new study from WalletHub ranks Chicago among the worst cities in the nation for renters.

According to the study, Chicago came in at No. 134 among 182 cities ranked. Another Illinois market, in Aurora, came in at No. 115. (Get Patched In: Subscribe to free daily email, news alerts, Facebook fun and more from Patch)

With rental prices soaring in recent years — jumping 2.8 percent in 2017 alone — and demand for affordable housing exceeding the supply, WalletHub estimates that about 11 million renters spend more than 50 percent of their income on housing.

To determine where renters can get the most for their money, WalletHub compared more than 180 housing markets based on factors including rental market, affordability, quality of life, the difference between rental rates and mortgage payments, the cost of living and job availability.

Chicago ranked at No. 78 when it came to the rental market and affordability, but was No. 140 in the "quality of life" rankings.

The best place to rent in the U.S.? Scottsdale, Arizona, according to WalletHub. The worst was Detroit, coming in at No. 182.

You can read the full study here.

Photo via Shutterstock