CyberPolicy is monitoring news of the coronavirus (COVID-19) outbreak and has activated a business continuity plan in response to the situation. We have implemented precautionary and preparedness measures to reduce exposure to the coronavirus and are prepared to maintain normal business operations.
X

5 Cities Better for Renting Than Homeowning

Raise your hand if you’re a millennial. Raise your hand if you’re a millennial who doesn’t fit the millennial stereotype. You don’t live with your parents, you have a job and live in your own apartment. That’s great! If you do live with your parents, are in search for a job and looking for a place of your own, don’t despair. CoverHound knows you’re working hard to get up on your feet and hit the ground running, and we want to help.

Did you know that more millennials are choosing to rent an apartment instead of buying a house? That’s right—owning a house isn’t the end-all be-all when it comes to defining success. It turns out renting and paying for [apartment renters insurance](https://coverhound.com/renters-insurance) is far more appealing than buying a house and facing a 30-year mortgage home loan.

If you’re looking for a new place, a new job, heck, a new way of living, these five cities will help get you there.

**Moving On Up**
[According to The Washington Post](https://www.washingtonpost.com/opinions/millennials-arent-buying-homes--good-for-them/2016/08/22/818793be-68a4-11e6-ba32-5a4bf5aad4fa_story.html?utm_term=.4fa1536f8dbb), the homeownership rate has fallen to 62.9 percent, the lowest it has been in the last five decades. Homeownership among millennials is half of that number, sitting at 34.1 percent.

You don’t have to own a house to be successful. Homeownership does not define who you are.

Here are [five great cities](http://realestate.usnews.com/real-estate/slideshows/the-20-best-affordable-places-to-live-in-the-us/) to live in as a millennial renter:

**1. Fayetteville, Arkansas**
With a median annual salary of $42,410, Fayetteville is the fastest growing city in Arkansas. Despite being home to less that 500,000 people, U.S. News and World Report [writes](http://realestate.usnews.com/real-estate/articles/3-under-the-radar-cities-that-make-great-hometowns/) that the town is made diverse by the “steady” population of students and academics by the University of Arkansas, it’s also home to three Fortune 500 companies. The average rent for a one-bedroom is just less than [$600 a month](https://www.numbeo.com/cost-of-living/in/Fayetteville).

**2. Des Moines, Iowa**
A fast-and-coming tech hub, Des Moines is experiencing a strong, [growing job market](http://realestate.usnews.com/real-estate/articles/forget-silicon-valley-5-tech-hubs-with-a-lower-cost-of-living/). A city that’s expanding and changing with the times, Des Moines has an average rent of [$711](http://www.deptofnumbers.com/rent/iowa/des-moines/) per month. Home to the Salisbury House & Gardens and the state capital, Des Moines is advancing fast.

**3. Baton Rouge, Louisiana**
Boasting an average annual salary of $42,650 with only [27 percent](http://realestate.usnews.com/real-estate/slideshows/the-20-best-affordable-places-to-live-in-the-us/) of their income going toward living expenses, citizens of Baton Rouge enjoy a less than [30-minute](http://realestate.usnews.com/places/louisiana/baton-rouge) commute to work and has the best burgers and fries in the state, according to the Movoto Real Estate blog. With a median age of 34 and average rents just crossing $800 a month, good food and good travel times will keep you happy.

**4. Little Rock, Arkansas**
With rent less than [$800 a month](http://realestate.usnews.com/places/arkansas/little-rock) and an average cool weather day somewhere in the sixties, who can complain about living in Little Rock? Little Rock was named as having the [Top Job Market](http://www.arkansasmatters.com/news/local-news/little-rock-named-top-job-market-for-2016) of 2016 by Ziprecruiter. Little Rock is the state’s capital and the most populated city in Arkansas, so you won’t want for diversity.

**5. Indianapolis, Indiana**
Indianapolis features the largest average annual salary on this list, with the city’s populace making an average of [$45,580](http://realestate.usnews.com/real-estate/slideshows/the-20-best-affordable-places-to-live-in-the-us/) a year. Most commuting is done by car, and the weather allows for plenty of outdoor activity. With nearly 2 million people already calling Indianapolis home, you’ll still be able to find a great apartment for affordable rent. The average rent payment in Indianapolis is exactly [$800](http://realestate.usnews.com/places/indiana/indianapolis); rent doesn’t break $1,000? That’s awesome!

Looking to start life somewhere fresh? Check out U.S. News and World Report’s complete list [here](http://realestate.usnews.com/real-estate/slideshows/the-20-best-affordable-places-to-live-in-the-us/). For all for your insurance needs before and after the move, [visit](https://coverhound.com/renters-insurance) CoverHound.

© 2010 - 2021 CoverHound, Inc. All rights reserved. CoverHound© is a trademark of CoverHound, Inc. DBA: CyberPolicy Insurance Solutions - CA License No. 0L13180. DBA: CoverHound Insurance Solutions - CA License No. 0H52375