A new study puts Colorado Springs in the top 40 cities for home rentals.
Colorado Springs came in at No. 39 on the list of 182 cities ranked by financial website WalletHub, according to the study released July 24.
The report compared more than 180 rental markets based on 23 key measures of attractiveness, with data sets ranging from the difference between rental rates and mortgage payments to historical price changes, the cost of living and jobs availability.
Colorado Springs ranked 81st in rental market and affordability, and 46th in quality of life, according to the study. Denver and Aurora, the only other Colorado cities on the list, came in at No. 90 and No. 147, respectively.
Rental prices have soared over the years, jumping 2.7 percent in the past year alone, according to the study. And with demand for affordable housing exceeding supply, more than one-quarter of all renters — 11 million people in total — spend more than 50 percent of their income on housing, leading federal housing agencies to classify them as “severely cost-burdened,” WalletHub reported.
“Roughly 43 million American households have opted to rent rather than buy their homes because of convenience, cost or both,” the study reads. “But renting isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing.”
For the full report, go to https://wallethub.com/edu/best-cities-for-renters/23010/.