These Cities Have the Most Affordable Rent in the US: Report

[ad_1] As the price of lease has elevated by greater than 50% during the last decade, some fashionable cities like Miami have gotten much less and fewer inexpensive.

To search out essentially the most inexpensive cities for renting within the U.S., monetary web site WalletHub in contrast the median annual gross lease to the median family earnings in 182 cities, rating them from most to least inexpensive.

Associated: This is How A lot a Household of 4 Must Dwell 'Comfortably' in Each U.S. State, In line with a New Report

Essentially the most inexpensive metropolis was Bismarck, North Dakota, the place the median annual gross lease is round 15.3% of the median annual earnings. The typical wage in Bismarck is $69,989 per 12 months, in response to ZipRecruiter. The typical lease, in the meantime, is $1,023 monthly, per Flats.com.

The second most inexpensive metropolis was Sioux Falls, South Dakota. The imply annual gross lease there prices round 16% of the median earnings. Cheyenne, Wyoming, got here in at an in depth No. 3 — residents spend 16.1% of their earnings on lease within the metropolis.

Cedar Rapids, Iowa, and Fargo, North Dakota, rounded out the highest 5 most inexpensive.

The underside of the checklist featured Glendale, California (No. 178), adopted by Detroit, Michigan; New Haven, Connecticut; Newark, New Jersey; and eventually, within the final spot (No. 182), Miami, Florida, the place residents spend 33.48% of their earnings on lease.

In Miami, the common wage, in response to ZipRecruiter, is $55,183. The typical lease is $2,950, per Zillow.

"In essentially the most inexpensive cities for renters, the median value of lease is as little as 15% of the median earnings, in comparison with greater than 33% in the most costly cities," mentioned WalletHub Analyst Chip Lupo. "This offers folks within the least costly cities a transparent monetary benefit; the cash they save on lease might go towards their emergency fund or financial savings for future dwelling possession."