Long Beach has ranked No. 15 on a new list of the best places for renters in Southern California published by Nerdwallet.com.
The study evaluated 180 cities with more than 20,000 residents based on whether rental units were available, if jobs were nearby and if rent is affordable based on each city’s median income.
Long Beach was found to have a price-to-rent ratio of 18.1, meaning it is 18.1 times less expensive to rent than buy a home in Long Beach. It also found that 59.1 percent of residents in Long Beach rent rather than own their own residences.
Overall, the study found that Long Beach had 59.1 percent of housing occupied by renters, 5.2 percent for rental vacancy rate, a median household income of 52,711 in 2013, an average commute of 28.7 minutes, a 18.05 price-to-rent ratio from July to September 2014, a median rent of $1,357 from July to September 2014, rent as 30.89 percent of the median household income and a score of 63.51.
The score for each city was based off the following data, according to Nerdwallet.
- Percentage of renter-occupied housing is 20% of the score. The figures are from the U.S. Census Bureau’s 2013 American Community Survey.
- Median rental vacancy rate is 20% of the score. The figures are from the American Community Survey.
- Median household incomes are 10% of the score, and are from the American Community Survey.
- Average commute times are 10% of the score, and are from the American Community Survey.
- Price-to-rent ratio is 20% of the score. The figures are from Zillow, which the real estate website aggregates from its historical listings.
- Rent as a percentage of income is 20% of the score. This percentage is Zillow’s median rent averaged from July to September 2014 and the U.S. Census Bureau’s 2013 median household income. Rental housing included one- to five-bedroom homes, single-family residences, condominiums and cooperative housing.
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