Buying a home is no longer part of everyone’s American dream as 34% of renters never plan to purchase a home, according to new survey data from Forbes Advisor.
With long-term renting becoming more popular, it’s important to find a location to call home that’s renter-friendly. New data shows that two of the top 10 best cities for renters are in Kentucky, namely Lexington (#6) and Louisville (#8).
To uncover the best (and worst) cities for renters, Forbes Advisor analyzed 95 of the most-populous cities across 21 metrics spanning three categories: affordability, availability and amenities, and lifestyle and safety.
Highlights from top-ranking Kentucky cities:
- Lexington ranked seventh best in the percentage of units with onsite parking (69.8%).
- Lexington ranked 14th best in the average monthly price per square foot of a rental ($1.38).
- Louisville ranked 11th best in median monthly rent prices ($1,350, $645 lower than our study average of $1,995).
- Louisville has the best walk score of all cities considered, and the third best bike score.
Commenting on the study, Les Materson, Deputy Editor on the Forbes Advisor Insurance team says: “Our study found that Lincoln, Nebraska is the best place for renters with its relatively affordable costs and above-average availability. Whether your apartment is in Lincoln, Nebraska, or Newark, New Jersey, which finished last in our study, renters insurance helps you in multiple ways.
Renters insurance covers your belongings, which isn’t covered by a landlord’s policy. It offers liability coverage if you’re sued for causing injury or property damage to others and provides additional living expenses to pay for lodging and meals if your apartment is damaged by a problem covered by the policy and you’re not able to live there temporarily.
Renters insurance coverage is typically inexpensive compared to other types of insurance and you can usually find a policy for under $20 a month. You can also save by getting quotes from multiple insurers, which will help you find the best renters insurance for you.
Renters insurance doesn’t strain your wallet as much as other types of insurance, but it’s a vital part of protecting your assets. It’s wise to consider renters insurance no matter where you live.”
You can view our full study here: https://www.forbes.com/advisor/renters-insurance/best-cities-for-renters/
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.