On the journey to homeownership, people typically begin by renting a house or apartment, and saving what they can for a down payment in the future. This is especially true for young adults just starting out in life. Along with finding a good paying job, figuring out the best place to live tops the list, and affordable rent cost is a key part of the equation.
That’s one of the reasons LendEDU took it on themselves to do some analysis on the best places to rent, hoping to provide information that would be helpful when making the important decision of work-life balance. According to their website, their “research has been covered by hundreds of news outlets including Forbes, The Wall Street Journal, NPR, The New York Times, CNBC, Bloomberg, Yahoo, Business Insider, Fox Business, and more.”
So What Did They Do and What Did They Find?
The researchers started with the standard renting guideline that monthly rent should be no more than 30% of your monthly income.
Then, taking the licensed real estate data derived from the U.S. Census Bureau on over 25,000 American cities, they ranked each city according to its rent-to-income ratio, or the proportion of a city’s median household income that goes to annual rent costs (including utilities). A lower percentage was more favorable.
To be considered for this ranking, a city had to have a minimum of 12,000 housing units.
With this data in hand, 3,100 cities nationwide made the cut, with 175 of them in Florida alone. They then ranked the cities according to best rent-to-income ratio, with #1 having the most desirable conditions, resulting in a comprehensive list of the most budget-friendly cities and towns for young adults in the nation, Florida, and specifically in Seminole County.
The Most Budget-Friendly Cities For Renters in Seminole County
Out of 175 Florida cities, and 3,100 nationwide, these Seminole County cities had the best rent-to-income ratios, with 30% being the recommended maximum.
LONGWOOD: #15 in Florida with rent-to-income at 21%, and #1067 in nation
OVIEDO: #18 in Florida with rent-to-income at 22%, and #1206 in nation
LAKE MARY: #21 in Florida with rent-to-income at 22%, and #1246 in nation
WINTER SPRINGS: #31 in Florida with rent-to-income at 23%, and #1481 in nation
SANFORD: #76 in Florida with rent-to-income at 26%, and #1828 in nation
ALTAMONTE SPRINGS: #96 in Florida with rent-to-income at 27%, and #1929 in nation
CASSELBERRY: #100 in Florida with rent-to-income at 27%, and #1944 in nation
Congratulations to each of these cities for being recognized and featured in this report! These numbers speak to your proximity to high-paying jobs relative to the affordable housing in the area, making rent only a small portion of budgets and the opportunity to save and enjoy life all the more possible.
For more information on this study and the rankings of other cities, visit LendEDU.
LendEDU started off in 2014 as just an information site and marketplace for private student loans and student loan refinancing. Since then, LendEDU has expanded into a number of products and now helps people compare and learn about student loans, personal loans, mortgages, home equity loans, credit cards, insurance, small business loans, and more. Their goal is to help consumers and business owners make educated decisions when it comes to financial products and strategies without having to do all the legwork themselves.