PROVIDENCE – Providence was the eighth worst city for renting property in 2018 among over 180 of the largest United States cities, according to a WalletHub report Wednesday.
WalletHub compared 182 cities using 22 indicators under two key dimensions: rental attractiveness and quality of life. The study analyzed the 150 most populated U.S. cities and at least two of the most populated cities in each state. Each city’s weighted average across all metrics was used to calculate its total score.
Providence, which ranked No. 175 overall with a total score of 36.18, was rated No. 132 for rental market and affordability and No. 178 for quality of life.
Providence rankings:
- Providence ranked 170th for rental affordability, which was calculated by dividing the median gross rent for a property by the median annual household income
- The city ranked No. 56 for rental vacancy rates at 7.6 percent and No. 132 for rent-to-price ratio at 10.3 percent
- Safety, which was measured by the violence and property crime rates in an area, Providence ranked No. 70
- In the category of severely cost-burdened renter households, defined as individuals who spend more than 50 percent of their income on housing, Providence ranked No. 79 at 23.9 percent
- The forecasted change of median rent, based upon Zillow Rent Forecast over the coming year, is the category where Providence ranked highest, at No. 33
- Providence ranked No. 139 for city satisfaction, which was based on WalletHub’s “Best & Worst Cities for Jobs” ranking, and No. 169 for job market, which was calculated using WalletHub’s “Best & Worst Cities for Jobs” ranking
Scottsdale, Ariz. ranked the best city overall for renters with a total score of 69.26, while Detroit was ranked last, scoring 32.09.
Haley Hunt is a PBN contributing writer.
