To hear Zumper tell it, Philadelphia’s renters are among the happiest in the nation. The problem is, a lot of that satisfaction relies on a few misapprehensions. The findings in the agency’s annual renter survey reveal some cognitive dissonance locally.

Philadelphia ranks fifth on the list of cities where renters think they are getting a good deal. Sixty-four percent of survey respondents indicated confidence that they were making out on their rent, while simultaneously living in the 16th most expensive rental market in the country. Philadelphia renters aren’t alone in those mental gymnastics: Renters in San Jose and San Francisco also think they are getting a good deal, and they live in two of the most expensive markets in the nation.

Meanwhile, the survey also found that renters in Philadelphia think they ought to be spending about 20 percent of their income on rent. In reality, they spend about 28 percent.

Other national takeaways include the growth in the belief that the American Dream no longer includes home ownership and the continuing burden of student debt as it relates to future real estate plans. The top three most important factors when deciding whether to rent or own a home are: financial situation, mortgage rates, and family size, the survey concluded.

The findings were based on 5,339 respondents, age 18 and older from all 50 states, as well as Washington, D.C., who completed the full survey of 40 questions.