The United States Census Bureau has released data that reveals metropolitan areas where affordable housing is more frequent and residents spend less than 30% of their income on housing costs. One of the most expensive rental markets in the country is in New York City, where only 47% of residents can find affordable housing.
The typical rental price in the U.S. is still over $2,000 per month, according to the bureau’s data. According to Redfin’s latest study, released earlier this month, the average rent in the Midwest will increase 4.6% from August 2022 to August 2023, while the Northeast will see a 1.2% increase over the same period.
It is not surprising that places like Wisconsin and Montana offer cheaper rentals. The top 10 list also shows the impressive 63% or more in affordable rents in most of the highlighted metropolitan areas, defined as housing costs that are less than 30% of residents’ incomes.
Here we present the top 10 most affordable rental areas in the U.S.
10. Wenatchee, Washington
Percentage of Affordable Rentals: 63.7%
Median Gross Rent: $1,294
Median Household Income: $87,459
9. Racine, Wisconsin
Percentage of Affordable Rentals: 64.7%
Median Gross Rent: $980
Median Household Income: $71,788
8. Rocky Mount, North Carolina
Percentage of Affordable Rentals: 63%
Median Gross Rent: $847
Median Household Income: $53,896
7. Great Falls, Montana
Percentage of Affordable Rentals: 63.2%
Median Gross Rent: $837
Median Household Income: $58,698
6. Sioux Falls, South Dakota
Percentage of Affordable Rentals: 63.3%
Median Gross Rent: $962
Median Household Income: $77,605
5. Casper, Wyoming
Percentage of Affordable Rentals: 64.9%
Median Gross Rent: $902
Median Household Income: $69,627
4. Appleton, Wisconsin
Percentage of Affordable Rentals: 66.5%
Median Gross Rent: $955
Median Household Income: $78,388
3. Sheboygan, Wisconsin
Percentage of Affordable Rentals: 66.8%
Median Gross Rent: $882
Median Household Income: $62,978
2. Lima, Ohio
Percentage of Affordable Rentals: 67.9%
Median Gross Rent: $893
Median Household Income: $59,880
1. Jefferson City, Missouri
Percentage of Affordable Rentals: 68.4%
Median Gross Rent: $816
Median Household Income: $71,396