Although home and apartment rents seem like they’re going up all across the United States, it would be a mistake to think you can’t still find an affordable place.
The key, as always, is location, location, location! A recent report from personal finance site Grow shows where renters fare best when it comes to average rental prices in the country’s 50 largest cities.
The data, taken from an analysis of property listings at RENTCafé, was compared to median household incomes for renters in 2018 based on the Census Bureau’s American Community Survey.
6 Top Cities With Affordable Rent
Here’s a look at the larger cities with the most affordable average rental prices compared to income. These numbers have been adjusted for inflation for 2019:
1. Tulsa, Oklahoma
Median household income for renters in 2019: $36,051
Average rent in 2019: $709 (23.6% of monthly income)
2. Wichita, Kansas
Median household income for renters in 2019: $32,643
Average rent in 2019: $665 (24.4% of monthly income)
3. Oklahoma City, Oklahoma
Median household income for renters in 2019: $37,887
Average rent in 2019: $782 (24.8% of monthly income)
4. Virginia Beach, Virginia
Median household income for renters in 2019: $56,281
Average rent in 2019: $1,221 (26% of monthly income)
5. Columbus, Ohio
Median household income for renters in 2019: $41,180
Average rent in 2019: $941 (27.4% of monthly income)
6. Omaha, Nebraska
Median household income for renters in 2019: $39,458
Average rent in 2019: $934 (28.4% of monthly income)
If you’re looking to rent an apartment, money expert Clark Howard says you probably have more wiggle room on price than you think.
“Shop methodically and keep a list of quotes,” he says. “Checking back several times for new quotes will make a big difference in what you have to pay for rent.”
More Resources for Renters From Clark.com:
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