Two CT Cities Dead Last For Renters: Study

NEW HAVEN, CT — With median housing prices across the nation increasing by 2.7% during the last year, more people are looking to rent. But maybe not in Connecticut—two of the state's cities were ranked the worst in a study by WalletHub: Bridgeport ranked 182 out of 182, and New Haven ranked 181.

Demand is outstripping supply for affordable rental housing. WalletHub reported that a quarter of all renters—about 11 million people—spend more than 50 percent of their income on rent.

In the study, WalletHub compared rental markets based on 23 key measures of attractiveness including the difference between rental rates and mortgage payments to historical price changes, the cost of living and jobs availability.

Overall, the western part of the country proved to have the best rental markets.

The top ten rental markets in the country included: Scottsdale, AZ; Overland Park, KS; Bismarck, ND; Gilbert, AZ; Lincoln, NE; Chandler, AZ; Peoria, AZ; Boise, ID; El Paso, TX; and Fremont, CA.

New Haven and Bridgeport are joined in the bottom ten by Cleveland, OH; Detroit, MI; Memphis, TN; Baton Rouge, LA; Huntington, WV; Charleston, WV; Toledo, OH; and Newark, NJ.

The study included rankings for rental market and affordability as well as quality of life. New Haven ranked 165 for rental market and affordability, and 171 for quality of life. Bridgeport had a ranking of 180 for rental market and affordability and 145 for quality of life.

WalletHub noted that many people choose to rent because they consider it to be more convenient or less expensive. However, it isn't always the more financially prudent option: "(Renting) isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing."