There are many factors that may impact the cost of living in a specific area. Crime is one of those factors. We all want to live in a safe neighborhood and some are certainly safer than others. How much does this affect the actual cost of living, however? Here’s a look at the impact of crime on rent in America.
Using data from Renthop, combined with national crime statistics there is an apparent relationship. It is difficult to quantify the impact of crime on rent precisely. However, there are a few correlations that can be made.
When looking at crime statistics and combined with median rent prices; a strong negative correlation appears. The relationship is more closely related to home-relate crimes such as burglary and theft than with non-property crimes such as murder.
The relationship is less apparent the more you zoom out, though still present.
When looking at overall crime rate, there is a clear, though not exact downward pattern in rent prices relative to the crime rate. New York, for example, has a relatively low crime rate for a major city and the highest median rental price.
There are blips on the radar, however. Miami has a relatively high crime rate and high rent.
While it’s hard to draw any definitive conclusions from the data, there is a pattern to see. The impact of crime on rent is a realistic concern and one of the many things to consider when choosing where to live.
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If you’re considering moving to a new city, our app can show you what your cost of living COULD be elsewhere. If you’re living in a high-crime city and thinking of getting out; Download the City vs City app today and see where you can get more bang for your buck.