As higher mortgage rates and elevated consumer prices push U.S. housing affordability near record lows, renting has become the only option for many Americans, according to a recent study by CoreLogic. The data showed single-family rents jumped 3.2% year over year in May, notching the highest rate of growth since April 2023. "While the annual rent growth in higher-priced properties picked up momentum, lower-priced properties saw a slowdown in growth and had the lowest annual rent increase of any price tier in May," CoreLogic Principal Economist Molly Boesel said in a release. "However, even though growth for lower-priced rentals has slowed, properties in this price range saw gains of more than 30% over the last four years," she added. Other key findings from the study include:

• Lower-priced rentals up 1.2%, down from 5.3% in May 2023.
• Lower-middle rentals up 3.4%, down from 3.8% in May 2023.
• Higher-middle rentals up 3.3%, up from 3.1% in May 2023.
• Higher-priced rentals up 3.3%, up from 1.6% in May 2023.

Meanwhile, high mortgage rates and fewer buying options have made owning a home almost 37% more expensive than renting. The average monthly mortgage payment for a median-priced home sits at $2,703, while the average monthly rent payment is $1,979 as of February 2024. While prices fluctuate between locations, renters insurance costs an average of $148 annually, or about $12 each month, and doesn't cover structural damage, with rates largely based on risk proximity to natural disasters like severe storms, hurricanes, and flooding. The slideshow above illustrates the best places to rent in America as determined by WalletHub. WalletHub compared 182 cities including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state across two key dimensions, "Rental Market & Affordability" and "Quality of Life." See also:

• Top U.S. cities for renting during summer 2024
• Residents of these states pay the highest homeowners premiums
• What factors impact home rebuilding costs?