Since the rental costs have increased by more than 50% in the past decade, some popular cities like Miami are becoming less and less affordable.
In order to find the most affordable cities for rent in the United States, Wallethub compared the median annual gross rental with the middle household income in 182 cities and directed it from most to the least.
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The most affordable city was Bismarck, North Dakota, where the Median is around 15.3% of the middle annual income. According to Ziprecruiter, the average salary in Bismarck is $ 69,989 per year. The average rent is now $ 1,023 per month per Apartments.com.
The second cheapest city was Sioux Falls, South Dakota. The average annual gross rental there costs around 16% of the average income. Cheyenne, Wyoming, came to a narrow number 3 – the residents spend 16.1% of their income for rent in the city.
Cedar Rapids, Iowa and Fargo, North Dakota, rounded off the five most affordable.
At the end of the list contained Glendale, California (No. 178), followed by Detroit, Michigan; New Haven, Connecticut; Newark, New Jersey; And finally in the last place (No. 182), Miami, Florida, where the residents spend 33.48% of their income for rent.
In Miami, the average salary is 55,183 US dollars. The average rent is $ 2,950 per Zillow.
“In the most affordable cities for tenants, the average costs of the rent is only 15% of the average income compared to more than 33% in the most expensive cities,” said Chip Lupo, analyst of the walllethub. “This gives people a clear financial advantage in the cheapest cities; the money they could save with rent could be received for their emergency funds or savings for future homeowners.”
Take a look at the full list of all 182 cities here.
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