As more Americans are making the decision to rent, a large group of this population are single and looking for locations to live in that offer opportunity and affordability. The rental market is not created equal with certain areas appealing to families, professionals, urban dwellers and also singles. A new study by SmartAsset put together a compilation of the most affordable places to rent for individuals living on their own in 2019.
Looking at the US’ top 100 largest cities, the financial advisor site collected and evaluated data across key metrics reported by the Census Bureau and the Bureau of Labor metrics. Among the factors considered included each area’s median rent, the availability of single bedroom and studio apartments, the median annual earnings of residents, overall cost of living and unemployment rate. The collection of data points worked to focus in on the locations that have both access to and availability of single-friendly rentals as well as those locations that individuals have access to employment opportunities. Overall affordability and average income of each area also was part of the selection process to understand where living on your own is a possibility without falling under unmanageable financial restraints.
“With younger generations entering the renter pool and the trends showing these demographics are staying single longer, offering rental options for this demographic is a key growth strategy among property developers.” shares Texas-based property developer and CEO of Western Rim Properties, Marcus Hiles. The results of the report show a diverse selection of cities that are good options for singles with the state of Texas having the most cities mentioned covering 20% of the list. And the locations noted span across most of Texas’ popular metro areas including Austin, San Antonio and city suburbs of Dallas.
“It is no surprise Texas and the midwest region ranks above other areas in the US as offering some of the best locations for singles to live. With some of the top opportunities for employment, housing and investing in these locations there is a reason the state’s population is growing at a rate faster than any other in the nation.” shares industry veteran Marcus Hiles who has established over 20,000 rental units across the state of Texas.
Not only a key location offering opportunity for singles, Texas has been recognized for several other titles including:
- Leader in the US for fastest growing economy
- Dallas a leading metro with the highest job growth rate
- Largest year over year population growth nationwide
- Dallas a top place to live in 2018
Along with the growing trends in housing alternatives and the economic boom that continues to hit key locations like Texas, the state will continue to attract new residents across demographics and from locations throughout the nation in the single renter pool and more.