NEW YORK (PIX11) – As many have felt, the cost of rent has risen by more than 50% over the past 10 years, according to the Federal Reserve’s Consumer Price Index.
However, a recent WalletHub study has revealed which cities have the most affordable rent compared to the area’s median household income.
Experts at WalletHub analyzed the median annual gross rent in more than 180 cities and then compared it to the median household income to determine the areas where rent is the most affordable.
Among 182 locations, New York City ranked 160 on the list of cities with the most affordable rent. Other nearby areas ranked slightly higher than NYC, such as Jersey City at 111 and Yonkers at 142. Newark, New Jersey, on the other hand, ranked second to last on the list at 181.
The number one city with the most affordable rent was Bismarck, North Dakota, where the median annual gross rent in the city is about 15.3% of the median income.
A previous study from the company Zumper also found that New York City was the most expensive place in the U.S. to rent a one-bedroom apartment.
The top 10 cities with the most affordable rent, as found by WalletHub, are as follows.
Cities with most affordable rent
- Bismarck, North Dakota
- Sioux Falls, South Dakota
- Cheyenne, Wyoming
- Cedar Rapids, Iowa
- Fargo, North Dakota
- Charleston, West Virginia
- Casper, Wyoming
- Overland Park, Kansas
- Juneau, Alaska
- Anchorage, Alaska
The cities with the least affordable rent were the following, according to WalletHub.
Cities with least affordable rent
- Jackson, Mississippi
- Oceanside, California
- Birmingham, Alabama
- Orlando, Florida
- Bridgeport, Connecticut
- Glendale, California
- Detroit, Michigan
- New Haven, Connecticut
- Newark, New Jersey
- Miami, Florida
Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here.
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