Part 1- Cities for Millennials to Rent in: Pros and Cons.
In an era where Millennials are forced to wait longer to buy homes and pay more than previous generations, there are sadly many states where the cost of living is too high. For people in their early twenties who are looking to begin their professional careers through internships, living in the city is often a must. However, all cities have benefits and drawbacks when it comes to living, as well as differences in the price of rent. Any apartment or rental unit that is rented must have electricity, heat and hot water, but such utilities may not be included in the lease and will be additional costs to the property. Additionally, certain cities may have problems with crime or inadequate public transportation.
Using reports from business websites such as CNBC and Forbes, as well as other sources, we were able to get information on the average monthly rent, along with the pros and cons, of the 100 largest cities in the United States. Here are a few examples, which include additional information about your possible return on investment.
City: Detroit, Michigan.
Average monthly rent: $954.
Approximate Population: 677,000.
Pros: Low cost of living. Has an abundance of professional sports teams and is next to the Detroit River, which allows for paddling and kayaking. Ranked by Forbes as one of the best cities for jobs and housing for recent college graduates.
Cons: Violent crime is still a major issue (More than 13,000 violent crimes were reported in Detroit in 2016), depending on which area you choose to live in. Roads may be in bad shape, and there are no serious plans to improve Detroit’s regional transportation, despite many concerns. Certain railroad lines, such as CSX and Norfolk Southern, receive poor performance grades.
City: Omaha, Nebraska.
Average monthly rent: $1,022
Approximate Population: 446,000
Pros: Many attractions, including the College World Series, several State Parks and the Henry Doorly Zoo and Aquarium. Traffic is manageable (Just 4% of overall driving time spent in congestion). Omaha has also seen a 14.3 increase in population growth of people aged 18-to-34.
Cons: Public transportation is limited to bus service, though a new metro service that will be launched this fall is expected to speed up transportation. Weather is unpredictable and includes snowstorms, high winds, and rainfall that dramatically differs every year.
City: Madison, Wisconsin.
Average monthly rent: $1,010
Approximate Population: 255,000.
Pros: Home to the University of Wisconsin-Madison, one of the city’s largest employers. Many great restaurants reflecting Madison’s immigrant-rich past, which include French, Russian, Italian, Irish and, of course, German cuisine. Madison is also close to the neighboring major cities of Chicago and Milwaukee.
Cons: Brutally cold winters, with temperatures being well below freezing and snowstorms in April not unusual. Madison can also be a problem for people who suffer from pollen allergies, as it is ranked as one of the worst cities for allergies.
City: Columbus, Ohio.
Average monthly rent: $981
Approximate Population: $879,000
Pros: Home to several Fortune 500 companies, including Nationwide Insurance, American Electric Power, L Brands and Big Lots Inc. For downtown workers from most non state-owned companies, there is currently a program that gives free, unlimited bus passes to help employees get to work faster. Away from the downtown area, Columbus is also home to several State Parks and the training facility and stadium of college football powerhouse Ohio State.
Cons: Columbus has the dishonor of being one of the largest US cities without rail service, which limits commuting options to driving and taking the bus. Those who prefer driving may be forced to deal with annoying traffic (6% of overall driving time spent in congestion). Also, Columbus drivers have been ranked as among the worst in the nation, so be careful on the road.
City: Indianapolis, Indiana.
Average monthly rent: $937
Approximate Population: 863,000
Pros: Low cost of living. Home to numerous sporting events, including the Indy 500 and the NFL’s Indianapolis Colts (Lucas Oil Stadium also hosts the Big Ten Championship Game) and NBA’s Indiana Pacers. Not to mention that Indy’s low median home prices helped it become recognized as a “dream city” for Millennials.
Cons: Insufficient public transportation makes owning a car important, with commuters having to deal with a bus service that is both slow and scarce. Crime rate is also fairly high- Indy was ranked the 12th most dangerous city in the country in 2016, with its burglary rate being more than twice the national average.