Recent reports have praised Philadelphia as a city for millennials, walkers, and affordability. But according to another analysis, it’s the fifth worst city in the country for renters.
Financial website WalletHub recently released their 2016 Best and Worst Cities for Renters report, and placed Philly in the 146th slot out of 150. Oakland, California came in dead last and Scottsdale, Arizona earned the top spot.
Philly’s poor showing isn’t entirely surprising. While it’s been touted for its affordable housing stock, we’ve noted before the city’s rising rents and lack of rental affordability. Harvard Research Center’s State of the Nation’s Housing highlighted Philadelphia is a city "where rents are more moderate but still high relative to incomes."
WalletHub’s report considered 15 metrics to come up with the ranking, including cost of living, job availability, and rental rate changes in two-bedroom units from 2014 to 2016.
Here’s how Philadelphia fared based on a scale of 1 (best) to 150 (worst).
- 144th–Rental affordability
- 64th–Rental vacancy rate
- 116th–Rent-to-price ratio
- 119th–Cost of living
- 79th–Number of paid-relocation jobs per labor-force participants
- 67th–Renter households spending at least 50 percent of income on housing
- 127th–City satisfaction ranking
- 95th–Historical rental-price changes
- 126th–Jobs Availability ranking
You can see how it compares to the other 149 cities in the interactive map below.
- Report: Is the rent too damn high in Philadelphia? [Curbed Philly]
- Philadelphia is the best city for millennials [Curbed Philly]