The US Census Bureau released data revealing metropolitan areas where affordable housing is common and where residents spend less than 30% of their income on housing costs. One of the most expensive rental markets in the country is New York City, where Only 47% of residents can find affordable housing.
The average rental price in the United States continues to exceed $2,000 a month, according to the bureau’s data. According to Redfin’s latest study, released earlier this month, the median rent in the Midwest will increase by 4.6% between August 2022 and August 2023, while the Northeast will see a 1.2% increase during the same period.
It’s no surprise that places like Wisconsin and Montana offer cheaper rents. The top 10 list too showing an impressive 63% or more of affordable rents in the most popular metropolitan areas, defined as housing worth less than 30% of the residents’ income.
Below we present the 10 places with the cheapest rent in the US.
10. Wenatchee, Washington
Percentage of affordable rent: 63.7%
Average gross rent: $1,294
Average family income: $87,459
9. Racine, Wisconsin
Percentage of affordable rent: 64.7%
Average gross rent: 980
Median family income: $71,788
8. Rocky Mount, North Carolina
Percentage of affordable rent: 63%
Average gross rent: $847
Average family income: $53,896
7. Great Falls, Montana
Percentage of affordable rent: 63.2%
Average gross rent: $837
Average family income: $58,698
6. Sioux Falls, South Dakota
Percentage of affordable rent: 63.3%
Average gross rent: $962
Average family income: $77,605
5. Casper, Wyoming
Percentage of affordable rent: 64.9%
Average gross rent: $902
Average family income: $69,627
4. Appleton, Wisconsin
Percentage of affordable rent: 66.5%
Average gross rent: $955
Average family income: $78,388
3. Sheboygan, Wisconsin
Percentage of affordable rent: 66.8%
Average gross rent: $882
Average family income: $62,978
2. Lima, Ohio
Percentage of affordable rent: 67.9%
Average gross rent: $893
Average family income: $59,880
1. Jefferson City, Missouri
Percentage of affordable rent: 68.4%
Average gross rent: $816
Average family income: $71,396
