The 5 cheapest places to rent in America
Table of Content
- Top 5 Most Expensive States to Live In for Renters, by Median Rent
- What is the cheapest and safest state to live in?
- Takeaway #1: McKeesport, PA, leads the pack as the cheapest rent in the U.S.
- The 5 cheapest places to rent in America
- How to successfully sell your rental property in Houston
- Beekman Cheap 3 Bedroom Apartments for Rent
- Top 25 cheapest states to buy a house in 2022
Rental vacancies have actually risen in 29 markets nationwide, including some of the most desirable, like Las Vegas, Palm Beach and Orange County, Calif. Check out the complete list of cheapest places to rent in the country, start downsizing and make your plan to move. This makes Norwalk the 17th cheapest place to rent an apartment in the U.S.
New Mexico is the 36th-most populated state in the U.S. and home to over 2.1 million people. About one-half of its economy is based on the service sector, while much of the remainder is centered on extractive industries . Santa Fe is the state capital and Albuquerque is the biggest metro area. Here are a few basic tips to still find a cheap place to rent. Over the last decade, revitalization has come to the "Crossroads of America," around 7th and Wabash.
Top 5 Most Expensive States to Live In for Renters, by Median Rent
Housing, in particular, is nearly one-third of the statewide average. O-town scored an 8/10 for education on our snackability scale. And since a good education helps you make money, and money makes people happy, we’re pretty sure you’ll want to call the affordable Olean home.
The average costs of these expenses are then tallied up and pulled together in a cost of living index to help you better compare the cost of living in different locations. The seat of suburban Lorain County, Elyria is a former industrial town reinventing itself as a self-sustaining bedroom community. Large companies like 3M and Bendix packed up their manufacturing facilities in recent years, necessitating new directions.
What is the cheapest and safest state to live in?
In Dumbo, Brooklyn, two large new developments converted to rentals, adding 144 rental units into that small neighborhood . For these lists, we chose to specifically focus on the 100 most populous American cities, as estimated by the U.S. For accuracy, we filtered out cities with insufficient data. In our new data study, we analyzed the anonymized data spanning three years from tens of thousands of verified loan applicants to see how much people pay in rent across America. Forbes Home adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available.
For example, you can watch from the sidelines as the sale market stabilizes. It is also a better bet if you think you will only be there for a few years; it usually takes at least two years to recoup realtor fees and closing costs. And, of course, for people with less than perfect credit, or uncertain employment, it is the only option right now.
Takeaway #1: McKeesport, PA, leads the pack as the cheapest rent in the U.S.
Missouri comes in at seventh cheapest with an overall cost of living index score at 89.8. Located in forest land halfway between Cleveland and Columbus, Ashland seems undistinctive. But with rent prices of just $640 for an average one-bedroom, the city is one of three in Ohio among the 10 cities with the cheapest rent in America. And it's the smallest city in the top 10 with just 20,000 residents.
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes . If you give us a New York minute, we’ll tell you why Hornell is the Empire State’s fourth most affordable city for 2022. Maple City is third when it comes to home price to income ratio.
We then ranked each state from the highest median rent to the lowest. According to the most recent data from Zillow, New York has the highest rent in America with a median rent of $3,200 a month. Georgia is the 8th-most populated state in the U.S. and home to more than 10.7 million people. The diverse economy is driven by the agriculture and mining, industry and logistics, and defense sectors. Atlanta is the state capital and also the largest metropolitan region in Georgia. Nearly 6 million people reside in Wisconsin, making the state the 20th-largest in the U.S.
Yet another Southeastern state joins the list with Tennessee at sixth cheapest and a score of 89.0. Housing prices in the state run slightly less than its southern neighbor at $230,253 for the median price for a single family home. The unemployment rate is still lower than the national average at 3.4% although the poverty rate is high at 13.8%. A unique draw to Tennessee is that they do not have any state income tax on earned wages. Puerto Rico is actually a territory of the United States, not a state.
If a state scores below 100 on the index then it is considered to have a cheaper cost of living than the national average. Wichita, KS At $500 median rent per month and a median home price of $147,700, Wichita is the cheapest place to live in America. Some one-bedroom apartments can still be spacious and others downright small. But think about just how much time you spend at home compared to at work or out on the town, and consider a smaller apartment. If you can give up some of that square footage, you'll bring the price of the lease down. It's nice to have a lot of room to stretch out in an apartment, but it's also nice to have more money to stretch out your wallet.
The home campus of Indiana State University, Terre Haute is about 75 minutes from downtown Indianapolis. But the border city is just five miles from the Illinois state line. And with average one-bedrooms leasing for less than $560 a month, it's the cheapest rent in the Midwest. If you're looking to live full time in a resort city others come from a long distance to visit, there's no cheaper place in America than Gulfport. As the name suggests, Gulfport is a key entertainment port on the north shore of the Gulf of Mexico. With the cheapest rent in the Southeast, average one-bedrooms in the second-biggest city in Mississippi run just $640 a month.
The city with the cheapest apartments is near the East Coast of the U.S. For this analysis, we chose to focus solely on rental spending, excluding both mortgage payers or those who reported living with their parents. We also chose to eliminate states with insufficient data , which allowed for a more accurate analysis but may affect the outcome of some of the regional data below. You’re scrolling along looking at all the big, beautiful homes you could buy for so little money if only you moved to this tiny town you’ve never heard of.
Rents for an average one-bedroom apartment list for just $615 a month. Henderson still ranks high in the top five despite a $25 a month increase from a year ago. As the pandemic slowly begins to recede, rents that plummeted in numerous cities are beginning to rise again. But head away from the big cities and you'll find plenty of cheap places.
It is also one of the cheapest states in several categories including healthcare, groceries and housing. The state also has one of the highest poverty rates in the country at 15.1% and is typically ranked alongside Mississippi with regards to healthcare and education. Coming in at the top of the C2ER list was Cedar Park, Texas, which was named the most affordable place to live in America. Set outside Austin, Cedar Park made it to the top of the list, due to its low cost of living index (7.2% below the national average) and high income levels (17.8% above the national median). Sure, living downtown around the clubs, cafés and hotspots is wonderful.
West Virginia is home to just under 1.8 million people and is the 40th-most populated state in the U.S. Largest industries in West Virginia include tourism and natural resources. Charleston is the state capital and Huntington-Ashland is the largest metropolitan area. To catch up on which states have the most expensive rents in the country, read our last post. Cheap apartments tend to be more competitive because no one wants to spend more than they have to on rent.
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