Midwestern markets dominated the new WalletHub report “Cities with the Most Affordable Rent,” which analyzed the median annual gross rent across more than 180 cities and compared it with the median household income in each location.
The report found Bismarck, North Dakota, had the lowest percent of income spent on rent at 15.29%. Although Bismarck had the 16th-lowest median annual rent among cities that were analyzed, it also had the 80th-highest median income, thus contributing to a low rent-to-income ratio.
The other top cities with the lowest percent of income spent on rent were Sioux Falls, South Dakota (16.35%), Cedar Rapids, Iowa (16.48%), Charleston, West Virginia (16.56%), Fargo, North Dakota (16.94%), Cheyenne, Wyoming (17.02%), Juneau, Alaska (17.04%), Casper, Wyoming (17.24%), Anchorage, Alaska (17.30%), and Overland Park, Kansas (17.34%).
At the other end of the spectrum, Miami’s rent-to-income ratio of 33.77% was the highest in the nation and more than double the amount paid by Bismarck’s renters.
Photo courtesy of BismarckND.gov
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