The 5 Most and Least Expensive States and Cities for Renters
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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.
This usually includes things like a dishwasher, in-suite washer and dryer, proximity to a train stop, pet-friendly, secluded, near restaurants or a location on the first floor. Real estate is traditionally considered to be a wise investment regardless of what’s going on in the economy. While home prices can fluctuate within markets and across America, they almost always recover in relatively short order. If you plan to move, you should also research tax benefits for remote workers or new residents. A few states and cities have started getting wise to digital nomad threads and have created financial incentives to attract new blood.
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You might spend more on housing, but you have more money overall to play with. The cost of living in New York is 22.9% higher than the US average. Located just south of the Canadian border, Massena is the third cheapest place to live in New York.
There are many options where rent is affordable and less than the national average of $1,722 per month for a one-bedroom apartment, a 25.5 percent jump from last year. Another notable finding is that, of all the places on our list, cities in Connecticut, Texas and Arkansas have seen the most significant decreases in average rents in the past year. Toledo, Ohio is the most affordable city in the U.S. for rent with an average rent price of $550.
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A lot of you sent us messages on Instagram curious about which states are the cheapest for renters. The affordability of rents in each state is determined by the housing wage, a number based on the relationship between an areas Fair Market Rent and the local minimum wage. The county in New York with the lowest cost of living is Tompkins County.
But rent prices are a whole lot cheaper than Kansas City or St. Louis. A one-bedroom Springfield apartment rents for $625 a month on average. The median price for a single-family home in Mississippi is $140,818, and the average rent for a two-bedroom apartment is $777. Mississippi also has the lowest transportation costs in the nation. Wichita, located along the Arkansas River, edges out Tucson by just a few bucks. Even two-bedroom apartments are inexpensive, with a median price of only $650.
So There Are Your States With The Highest Rents In America
It’s also considered a tenant-friendly state because there’s a high rate of rent control clauses, so it’s vital that landlords identify and analyze them for their lease agreement documents. Do you know which city had the most millionaires per capita in the world a century ago? Wichita Falls, Texas, was named the city with the lowest cost of living. Living costs are going up around America thanks to inflation and a global shortage of essential goods. The place with the lowest cost of living in New York according to the data is Ilion. Fulton’s overall cost of living score is 86, compared to New York at 117 and the national average of 100.
Finance and agriculture are the two largest industries in the state. Harrisburg is the capital city and Philadelphia/Delaware Valley is the largest metro area. Missouri is the 19th-most populated state in the U.S. and home to more than 6.1 million people.
The Most Affordable Places To Live In New York
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.
Although moving to one of the cheapest states in the country may seem like a brilliant move for saving some cash, it’s important to consider all of the factors that come into play. Understand what the average wages and employment opportunities are like in your target state. Take time to understand the housing market, what’s available and how much you can get for your money. Consider the kind of lifestyle you want to live and what sort of leisure activities and natural wonders you want access to. Fourth on our list is Oklahoma with an overall score of 87.9.
The information and savings numbers depicted above are for demonstration purposes only, and your results may vary. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. If you’re thinking of trying to move to somewhere cheap, then stick to the heartland where you can expect to pay closer to $1,000.
In Toledo, Ohio, rent is a mere $550—less than one-fifth what it is in Los Angeles. In 12 of the biggest cities in the U.S., median rent is under $1,000. Arizona, with four cities in the top 20, has some particularly affordable metropolises.
It is adjacent to the Niagara River, across from the city of Niagara Falls, Ontario, and named after the famed Niagara Falls which they share. The city is within the Buffalo-Niagara Falls Metropolitan Statistical Area as well as the Western New York region. Locals enjoy cruising down the Mohawk River, whether they’re learning about local history or drinking some cocktails. And if you want a way to make even more out of this affordable spot, check out the campgrounds or mining opportunities at Herkimer Diamond Mines. But as the data shows, there’s no shortage of options for whatever you’re looking for. The users could live by themselves, have roommates, or have a rent-controlled apartment and this is how much they actually pay.
The median home price in Herkimer is $87,900 which, combined with a median household income of $47,941, makes for effortless mortgage payments. But if that doesn’t seem interesting to you, New York has many amazing places to offer, including other top affordable cities Ilion and Hornell. Interested to see how your favorite city in New York stacked up? Read on for more information about our top-ranked cities and our methodology. There are, however, more advantages to renting than just getting a place to live you couldn’t afford to buy.
Here’s a look at the ten states in America with the highest rent:
Kentucky is the third cheapest state for renting housing in the country. To afford a standard two-bedroom rental in Kentucky, a person earning minimum wage would need to work seventy-seven hours a week. Like most southern states, the minimum wage is low at $7.25 an hour.
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