America’s Best Cities

Comparing Rents at $1,220

By Erica Rascón on Sep 30, 2016 in News

Forbes recently released this year’s list of America’s Best Cities for Raising a Family. We’ve applied the Yardi Matrix national average rent of $1,220 in each one of the Forbes top 10 cities to give you an idea of your dollar’s worth.

About the List

Forbes created the list by analyzing the following data points:

• median household income
• the percentage of owner-occupied households
• percent of population under 18
• average commuting delays
• violent crime rates per 100,000 inhabitants
• local school quality
• cost of childcare by state
• cost of living
• housing affordability

The Unites States Census Bureau, the Federal Bureau of Investigation, Texas Transportation Institute, greatschools.org, Center for Regional Economic Competitiveness, and the National Association of Home Builders provide the data for Forbes.

Slowing Rent Growth

Yardi Matrix monthly report analyses data from 119 markets to determine the national average rent.

It’s the eighth month that rents have continued to climb to all-time highs, though it seems as though they may be losing momentum. Overall rent growth is slowing down. A decline in job growth and occupancy may keep the average rent from skyrocketing higher. Ultimately, that may mean that your dollar stretches farther in coming months.

But this is where we are at now:

Provo, UT

Provo (pictured) is considered Forbes best place to live while you’re raising a family. This city records low crime rates, stellar school quality, and light traffic. Residents here, who tend to be younger adults, enjoy also relish homeownership en masse.

For renters, $1,160 will open the doors to a pet-friendly townhouse with 2 bedrooms and 1 bathroom spread across 900 square feet. While it’s cozy, it also comes with plenty of character. Hardwood floors, classic arches in the walkways, and a large eat-in kitchen make it easy to envision raising a family there.

Ogden, UT

Not far away, Ogden offers similar qualities in terms of a minimal commute and low crime rates. The school system doesn’t perform as well as Provo but the family dollar buys more square footage: here you can find a rent of $1,160 per month with 1,270 square feet divided into 3 bedrooms and 2 bathrooms.

Oxnard, CA

Looking for the best of both worlds? Residents of Oxnard encounter light traffic, low crime rates, good schools and a beautiful climate. Housing is more expensive here: $1,200 will get you 2 bedrooms and 1 bathroom nudged into 622 square feet.

Allentown, PA

Allentown is a hidden gem. It’s a quaint town with low crime and high home ownership rates among its residents. There is room for improvement in the schools when compared to Provo, though, but there is certainly a silver lining. A 1,218-square-foot apartment (pictured, right) costs only $1,285 and offers 2 bedrooms and 2 bathrooms.  That’s plenty of room for the family!

Richmond, VA

Richmond represents the finest in the southeast in terms of short commutes and public safety, yet the cost of living may be a challenge for some families. Here a 1-bedroom, 1-bathroom apartment at 652 square feet will set you back about $1,100.

Honolulu, HI

Forbes praised Honolulu for its median income and great school system but you can’t pretend that the temperate, year-round climate isn’t a selling point. The high cost of living leads to less home ownership, which also affects renters: $1,195 only buys a 290-square-foot studio apartment with a private bathroom. With so little space indoors for the family, it’s great that the weather allows you to enjoy the outdoors all year long.

Harrisburg, PA

Another Keystone State city makes the list due to high rates of home ownership and minimal traffic. Those key factors come at a price. A 1-bedroom, 1-bathroom apartment across 500-700 square feet comes with a $1,260 price tag.

Bridgeport, CT

Though the schools of Bridgeport have room for improvement, a favorable median income range, high rates of home ownership, and an overall high quality of living makes it a desirable city. An apartment for $1,175 offers 1bedroom, 1 bathroom and up to 751 square feet.

San Jose, CA

Residents of San Jose can take advantage of some of the best schools on the list, as well as median incomes that contribute to a fine quality of life. Traffic congestion makes it difficult to get around. Apartments near your place of employment can cut out the headache. A rental here costs about $2.85 per square foot with an average rent of $2,532.

Hartford, CT

Home ownership is a popular option in Hartford and it suites the residents’ their median income. It’s an ideal place to be in the fall when it is also ranked as one of the most beautiful cities in the nation.  A 901-square-foot studio (pictured left) in this peaceful, scenic setting costs $1,350.

For more apartment options and what you can get for your money, visit RentCafe.