How Much Rent Costs on Average in the Most Affordable Cities

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The onset of the COVID-19 pandemic slammed the U.S. economy hard. Millions of Americans became unemployed, lockdown orders were set in place, and inflation skyrocketed. The cost of everyday essentials such as groceries and utilities increased, as did the cost of renting a home.

Sadly, the cost of renting a home has not been immune to the far-reaching implications of pandemic-spurred inflation. A massive spike in rents nationwide has forced many Americans to spend a larger share of their income on housing than pre-pandemic.

Many U.S. Renters Are Spending Nearly A Third Of Their Income On Rent

Zillow’s recent February 2024 Rental Market Report indicated that current asking rate rents are up nationwide — an incredible 29.9% since the start of the pandemic.

Additionally, U.S. wage growth is not keeping up with rent increases. Today, the median household would need to spend 29% of their income to cover the cost of a new rental without receiving any concessions and without negotiating the asking rent. That’s compared with 27.3% pre-pandemic. This represents an average $440 increase in typical asking rent today compared to pre-pandemic.

Some of the least affordable metro areas for renters are Miami, Florida (42.4% of income spent on rent), New York, New York (38.7%), Los Angeles, California (36.8%), Riverside, California (33.3%), and Tampa, Florida (33.2%).

If you live in a costly metro area, deciding to rent in another part of the U.S. could potentially save you a ton of money. If you’re willing to make the move, there are still U.S. cities where rents are quite affordable.

Top 10 Most Affordable U.S. Cities for Renters

Insider Monkey analyzed the latest data on the rental market from Zillow’s Rental Market Report for February 2024. According to their analysis, here are the top 20 most affordable U.S. cities for renters, based on average rent in ascending order:

1. Buffalo, New York: $1,282

2. Milwaukee, Wisconsin: $1,311

3. Oklahoma City, Oklahoma: $1,329

4. St. Louis, Missouri: $1,343

5. Louisville, Kentucky: $1,355

6. Cleveland, Ohio: $1,363

7. Birmingham, Alabama: $1,376

8. Detroit, Michigan: $1,381

9. Pittsburgh, Pennsylvania: $1,401

10. Kansas City, Missouri: $1,412

11. San Antonio, Texas: $1,428

12. Memphis, Tennessee: $1,444

13. Columbus, Ohio: $1,452

14. Cincinnati, Ohio: $1,488

15. Indianapolis, Indiana: $1,497

16. Minneapolis, Minnesota: $1,615

17. Richmond, Virginia: $1,616

18. New Orleans, Louisiana: $1,619

19. Houston, Texas: $1,649

20. Salt Lake City, Utah: $1,656

If you’re spending too much of your monthly income on rent and you’re really feeling the financial squeeze, consider moving to one of these U.S. cities to give yourself more financial breathing room.

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