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Mischa Fisher identifies Buffalo, Chicago, and Houston as top destinations for renters seeking affordable housing

Renters across the United States are increasingly seeking housing in cities with lower costs as rental prices begin to rise and the home-buying market shows no signs of cooling. According to data from Zillow, the largest increase in searches from outside metropolitan areas was recorded in Buffalo, Chicago, and Houston. These cities also feature lower median home prices compared to the national median of $434,100. Mischa Fisher, chief economist at Zillow, stated that rental demand is typically a leading indicator of future home sales. He noted that the growing share of rental inquiries from outside metropolitan areas suggests a developing pipeline of new residents. While rents had been declining over the past few years due to increased supply, they turned positive month-to-month for the first time in four years in August. Renters in expensive areas like New York City continue to look toward the American South for affordability. In the South, 37 of the top 50 cities for renters were identified by RentCafe, with McKinney, Texas, Huntsville, Alabama, and Austin, Texas, ranking in the top three.

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