A Dallas-Fort Worth area suburb is apparently considered one of the best places in the United States for renters to live in 2023, at least according to one study.
According to an annual study by apartment search website RentCafe, Plano offered the second-best value for renters, receiving high scores for its robust economy and quality of life for residents.
“Plano takes the silver podium as America’s 2nd best city to live in as a renter — as it boasts the highest job growth in all of the U.S. and excellent public schools,” said Felicity Domentii, a marketing and communications specialist at RentCafe, in an emailed statement to The Dallas Express. “Consequently, most of the renters here own a higher education degree — one of the reasons why they enjoy greater income than in other cities.”
RentCafe analyzed 20 relevant metrics across three categories — the cost of living and housing, the strength of the local economy, and quality of life — to determine its ranking of 136 cities.
According to the study, Plano ranked No.2 for local economy, No.6 for quality of life, and No.68 for cost of living and housing.
Known as the “City of Excellence,” Plano has developed a reputation as an ideal place for families searching for an area with good public schools, great air quality, and high-end apartments, according to the study.
“As the mayor of our great city, I’m not surprised Plano was named the second-best place in America for renters to live. We call ourselves the ‘City of Excellence’ for good reason,” Plano Mayor John Muns told The Dallas Express.
“Plano is an exceptional place to live, work, and play. Our economy is consistently strong as a wide array of businesses — from corporate giants like Toyota, JP Morgan Chase, and Frito-Lay to medium and small companies — call Plano home,” he added. “Our schools are consistently rated among the best in Texas and the nation. And our award-winning parks and recreation centers are no different. Our renters choose Plano for our quality of life. It doesn’t take them long to understand why we are a ‘City of Excellence.'”
Plano’s unemployment rate, share of higher-educated residents, renter income, number of annual business applications, and job growth have bolstered the city’s reputation, especially compared to nearby Dallas, which has low-performing schools, high crime, a serious homelessness and vagrancy problem, and an inefficient building permitting process.
Job growth in Plano is 6% year-over-year, marking one of the highest rates nationwide, Domentii told The Dallas Express. In addition, she explained that nearly 60% of Plano’s population is college-educated, giving renters access to some of the best public schools in the country.
While Plano is recognized for its local economy and quality of life, the city boasts a higher cost of living than other parts of the country. According to RentCafe, Plano has a 21% higher cost of living than the national average, with 78% of the city’s multifamily dwellings comprising high-end apartments with state-of-the-art amenities.
Charleston, South Carolina, was RentCafe’s top pick for renters to live, followed by Plano (No.2), Scottsdale, Arizona (No.3), Atlanta, Georgia (No.4), and Raleigh, North Carolina (No.5).
