Here’s How NC Renters Fare Compared To Other Cities

CHARLOTTE, NC — It's no secret that we pay top top dollar to rent in the Queen City. But a new study by personal finance website WalletHub ranked Charlotte 61st out of 182 U.S. cities for renters. The website cited rental affordability,and quality of life for the ranking.

"Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and jobs availability," WalletHub said.

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When it comes to “rental market and affordability” category, Charlotte came in No. 31 in the nation. By comparison, here’s how all the ranked cities in North Carolina fared in the affordability category:

• Raleigh — 15th
• Durham — 16th
• Fayetteville — 21st
• Winston-Salem — 26th
• Greensboro — 35th

"With demand for affordable housing exceeding supply, more than one-quarter of all renters – 11.1 million people in total – spend more than 50 percent of their income on housing," said WalletHub. "They are classified as 'severely cost-burdened' by federal housing agencies as a result."

Other findings:

• Jacksonville ranked 53rd in the study while Port St. Lucie ranked 80th. Tallahassee ranked 151st and Hialeah ranked 174th out of 182 cities.

• Cedar Rapids, Iowa had the highest rental affordability, with the lowest median annual gross rent divided by median annual household income at 15.41 percent, which was 2.7 times lower than Hialeah, which had 41.65 percent.

• Little Rock, Arkansas, had the highest rental vacancy rate, 16.3 percent, which was 11.6 times higher than Burlington, Vermont, the city with the lowest at 1.4 percent.

• Newark, New Jersey, had the highest share of renter-occupied housing units, 78.2 percent, which is 3.3 times higher than Port St. Lucie, the city with the lowest at 23.7 percent.

• Laredo, Texas, had the lowest cost-of-living index, 77, which is 2.5 times lower than in San Francisco, the city with the highest at 193.

• Irvine, California, had the fewest violent crimes (per 1,000 residents), 0.57, which is 35.9 times fewer than in Detroit, the city with the most at 20.47.

To view the full report, click here.

Patch Editor Paul Scicchitano contributed

Photo via Shutterstock