Ten Most Affordable Markets for Renters

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Where are the most affordable places for renters?  Zillow recently ran the numbers on affordability (% spent on rent and median rent costs) to come up with the 10 best cities in America for renters.  They point out that renters typically spend 27.8% of their income for rent, which all of their top 10 cities fell well below.  Indeed…

“Affordability is a relative concept in housing. Markets that seem affordable because their median rent is on the low side may actually be unaffordable to people who make the typical wage there. So, we measure affordability by the share of median household income that residents pay for an area’s median rent.”

Zillow’s 10 most affordable markets for renters are:

  1. Pittsburgh
  2. St. Louis
  3. Okalahoma City
  4. Raleigh, NC
  5. Kansas City, MO
  6. Indianapolis
  7. Detroit (tied with Louisville)
  8. Louisville (tied with Detroit)
  9. Birmingham
  10. Cincinnati

Click here to read the full report at Zillow.com.

 

About Author

Director of Education & Outreach, National Real Estate Investors Association