Milwaukee named one of the worst cities for renters by Forbes

 

MILWAUKEE (CBS 58) -- Milwaukee is one of the worst cities for renters, according to Forbes. The business magazine released a new Forbes Advisor study that ranks Milwaukee at the bottom of its list of best cities for renters.

The study ranked America's 95 most-populated cities. Milwaukee ranked 80 on the list, making it the 16th worst city for renters. 

The study analyzed 21 metrics among three categories, using data from the U.S. Census Bureau, Zillow, and more. The study found that renting is now cheaper than homebuying in 50 of the largest U.S. metro areas.

A recent Forbes survey found that more than 30% of renters never plan to buy. The reasons include rising home prices, interest rates, and lack of downpayment. The scoring system used in the Forbes study took into account affordability, availability and amenities, and lifestyle and safety. 

Analysts from Realtor.com are tracking rising rental prices in Milwaukee and say the homebuying market is having a big impact. With housing prices increasing, fewer people are buying homes. 

"A lot of would-be homebuyers are putting those plans on hold and choosing to rent instead," said Hannah Jones, Senior Economic Research Analyst for Realtor.com.

Jones says rent prices in Milwaukee are nearly 30% higher than they were pre-pandemic. The month of May was recorded as one of the highest price spikes on record in recent years. "We've seen annual rent increases in Milwaukee for the last 34 months," said Jones.

Data pulled from the Realtor.com May 2024 report found that the median rent in Milwaukee jumped to $1,690. That's a 4.3% increase from last May.

"We're seeing a lot of demand for rentals in Milwaukee and supply just hasn't kept up which means that prices keep climbing," Jones said.

While Milwaukee is among the worst for renters, there are places seeing higher prices. The median price for a rental among the 95 cities listed in the Forbes study is $1,995. 

Forbes names Lincoln, Nebraska the best city for renters and Newark, New Jersey the worst.