As the price of lease has elevated by greater than 50% over the past decade, some widespread cities like Miami have gotten much less and fewer inexpensive.
To search out essentially the most inexpensive cities for renting within the U.S., monetary web site WalletHub in contrast the median annual gross lease to the median family revenue in 182 cities, rating them from most to least inexpensive.
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Essentially the most inexpensive metropolis was Bismarck, North Dakota, the place the median annual gross lease is round 15.3% of the median annual revenue. The typical wage in Bismarck is $69,989 per yr, in line with ZipRecruiter. The typical lease, in the meantime, is $1,023 per 30 days, per Flats.com.
The second most inexpensive metropolis was Sioux Falls, South Dakota. The imply annual gross lease there prices round 16% of the median revenue. Cheyenne, Wyoming, got here in at an in depth No. 3 — residents spend 16.1% of their earnings on lease within the metropolis.
Cedar Rapids, Iowa, and Fargo, North Dakota, rounded out the highest 5 most inexpensive.
The underside of the checklist featured Glendale, California (No. 178), adopted by Detroit, Michigan; New Haven, Connecticut; Newark, New Jersey; and at last, within the final spot (No. 182), Miami, Florida, the place residents spend 33.48% of their revenue on lease.
In Miami, the common wage, in line with ZipRecruiter, is $55,183. The common lease is $2,950, per Zillow.
“In essentially the most inexpensive cities for renters, the median value of lease is as little as 15% of the median revenue, in comparison with greater than 33% in the costliest cities,” mentioned WalletHub Analyst Chip Lupo. “This offers individuals within the least costly cities a transparent monetary benefit; the cash they save on lease may go towards their emergency fund or financial savings for future residence possession.”
View the total checklist of all 182 cities, right here.
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