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.