The 10 Worst Cities for Renters
But depending on where and how you're living, can be just as -- if not more expensive -- than owning.
According to new findings from Harvard University's Joint Center for Housing Studies, almost half of renters spend more than 30 percent of their monthly income on rent. Of that group, 26 percent spend more than half their monthly income.
By finding cities with the highest percentage of tenants spending more than half their income on rent, Bloomberg Businessweek identified the 10 worst cities for renters –- and it isn't the lineup of usual suspects.
(Click the gallery after the jump to see the list.)
Among the unlikely cities named are Akron, Orlando and McAllen, Texas -- and the tide may be turning for renters in other parts of the nation, as well. As we reported earlier this month, one survey found that it's cheaper to buy than rent in 80 percent of 50 major markets.
Additionally, home values are down 32 percent from their peak in May 2006, according to the S&P/Case-Shiller Index. While the news may make current homeowners cringe, it also means a lower barrier to entry for new buyers –- provided that they don't intend to sell anytime soon.
Of course, buying is easier said than done for Americans with less than sterling credit; either they can't qualify for a loan, or are unable to make higher-down-payment requirements.
But in cases in which consumers have a real choice and are in no rush to sell, buying is more attractive today than it has been in several years.
Want to know how to deal with other rental issues? Here are some AOL Real Estateguides that can help:
- Tips for Finding a Rental Apartment
- Apartment Security for Renters
- Are You Paying Too Much for Your Rental?
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.