Its Best Memphis - Top 10 Cities to Rent Vs Buy
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The common real estate wisdom has always been that it makes more financial sense to buy rather than rent, but the recession has changed the dynamics of the housing market, making it more and more difficult for potential home buyers to qualify for loans and expanding the pool of renters in certain cities. According to a recent study, buying is still less expensive than renting in most major U.S. cities. There are, however, some great cities where it's cheaper to rent than buy. Here's a profile on the Top 10 cities where renters can catch some great deals.
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1. New York City
Although rents are fairly high in the Big Apple, they are still not nearly as high as the cost of home ownership. The most populous city in the United States, New York City is a worldwide leader in finance, culture, fashion, art, media, and a fantastic place to call home. With attractions like Rockefeller Center, the Broadway Theatre District, Central Park and Yankee Stadium, New York renters never tire for things to do.
2. Seattle
This Pacific Northwest city, located on the picturesque Puget Sound, is another spot where renters have an edge on homeowners. Known for Starbucks coffee, grunge music and the Space Needle, Seattle has lots of great neighborhoods with a variety of different kinds of apartments. Seattle renters also love the great outdoors; waterskiing, biking and hiking are all very popular activities with residents.
3. Kansas City
Known for its smooth jazz and delectable barbeque, Kansas City also boasts more fountains than any other city in the world (excluding Rome), along with very affordable rental rates. This bustling city has the charm and friendliness of the Midwest, mixed with an amazing array of cultural attractions, such as Crown Center and the famed City Market, which is one of the largest and most enduring public farmers' markets in the region.
4. San Francisco
Situated on the banks of the bay, San Francisco is an extraordinary city with a rich history, great museums, world class restaurants, hundreds of nearby wineries and a housing market where it is still cheaper to rent rather than buy. Renters enjoy riding the classic cable cars, shopping in Union Square and exploring the eclectic bars and restaurants in the Mission District.
5. Memphis
Memphis is a city with great barbeque and tons of southern charm. Music (blues and rock n' roll to be specific) also plays an important part in the city's cultural identity and Sun Studio, located in Memphis, recorded some of the first big hits by major music stars like Elvis Presley, Johnny Cash and B.B. King. So if you're a renter who knows how to pick a six-string or if you just love tapping your toes to the beat, Memphis is the perfect place to call home.
6. Los Angeles
Though perhaps best known for movie stars and paparazzi, Los Angeles is a vivid, eclectic city with so much more to offer than its glitzy exterior. This sunshine soaked city has some of the best restaurants in the world, top-notch museums, and sports teams that can't be beat. Some of the best rental units are located in the city's recently revitalized downtown neighborhood, which is home to the beautiful Disney Music Hall, the Staples Center and L.A. Live, a restaurant and bar hot spot.
7. Fort Worth
Fort Worth is a city that mixes modern culture with Old West fun to create a truly unique experience for renters. The Fort Worth Zoo (ranked #5 in the U.S.) and the Fort Worth Botanical Gardens are popular destinations, as are the many great museums in the Cultural District. Downtown Fort Worth also hosts authentic, twice daily cattle drives that help modern residents stay in touch with the city's rich history.
8. Oakland
The third Californian city on the list, Oakland doesn't have the glitz and glamour of its neighbors to the north and south, but it's still a great city to rent rather than buy. Oakland has a wonderful zoo, a tremendous sports culture (Raiders fans are notorious for their devotion to the team) and many outdoor attractions, such as the nearby redwood forests where residents love to hike and camp.
9. Portland
Portland is a spectacularly beautiful Pacific Northwest city with fantastic cultural attraction and a quirky, offbeat sensibility. Known for its brew pubs and independent coffee shops, Portland also boasts numerous parks and gardens, such as the International Rose Test Garden (the oldest continuously operated public rose garden in the U.S.) and the peaceful Japanese Garden. Pioneer Courthouse Square is also a popular plaza that hosts festivals and markets all year round.
10. Albuquerque
New Mexico's largest city, Albuquerque is home to world-class arts, music, museums, and festivals, including the world's largest hot air balloon festival, which takes flight every October and includes over 700 balloons. Albuquerque renters especially love to explore the city via the ABQ Trolley, an open-air trolley takes visitors on a tour of Albuquerque highlights, such as Museum Row, the University of New Mexico, Tingley Beach, and the Albuquerque BioPark.
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