10 Most Affordable Markets for Renters
Markets with low rents might not be as affordable as they seem when you consider the earning power of people who live there. Pittsburgh, St. Louis and Oklahoma City top the list of metros that pass a more realistic test.
Affordability is a relative concept in housing. Markets that seem affordable because their median rent is on the low side may actually be unaffordable to people who live there. For that reason, we measure affordability by the share of median income that residents pay for an area's median rent. By that measure, the following 10 markets were the most affordable among the largest 50 metro areas at the end of 2017. Below them is a list of the least affordable large markets. For reference, a renter earning the U.S. median household income and living in the typical U.S. home should expect to pay 28.9 percent of their income on rent.
1. Pittsburgh, PA
| Share of Income Spent on Rent (Median): 21.6% |
| Current Zillow Rent Index (Median Monthly Payment): $1,063 |
| National Population Rank: 22 |
2. St. Louis, MO
| Share of Income Spent on Rent (Median): 22.2% |
| Current Zillow Rent Index (Median Monthly Payment): $1,148 |
| National Population Rank: 18 |
3. Oklahoma City, OK
| Share of Income Spent on Rent (Median): 22.9% |
| Current Zillow Rent Index (Median Monthly Payment): $1,099 |
| National Population Rank: 42 |
4. Raleigh, NC
| Share of Income Spent on Rent (Median): 22.9% |
| Current Zillow Rent Index (Median Monthly Payment): $1,436 |
| National Population Rank: 48 |
5. Birmingham, AL
| Share of Income Spent on Rent (Median): 23.5% |
| Zillow Rent Index (Median Monthly Payment): $1,056 |
| National Population Rank: 49 |
6. Kansas City, MO
| Share of Income Spent on Rent (Median): 24.1% |
| Current Zillow Rent Index (Median Monthly Payment): $1,282 |
| National Population Rank: 30 |
7. Cincinnati, OH
| Share of Income Spent on Rent (Median): 24.6% |
| Current Zillow Rent Index (Median Monthly Payment): $1,280 |
| National Population Rank: 28 |
8. Detroit, MI
| Share of Income Spent on Rent (Median): 24.6% |
| Current Zillow Rent Index (Median Monthly Payment): $1,204 |
| National Population Rank: 12 |
9. Indianapolis, IN
| Share of Income Spent on Rent (Median): 24.7% |
| Current Zillow Rent Index (Median Monthly Payment): $1,208 |
| National Population Rank: 33 |
10. Charlotte, NC
| Share of Income Spent on Rent (Median): 24.8% |
| Current Zillow Rent Index (Median Monthly Payment): $1,297 |
| National Population Rank: 24 |
Least Affordable Major Metros for Renters
Los Angeles, CA
- Share of Income Spent on Rent (Median): 47.3%
- Current Zillow Rent Index (Median Monthly Payment): $2,746
- National Population Rank: 2
Miami-Fort Lauderdale, FL
- Share of Income Spent on Rent (Median): 42.1%
- Current Zillow Rent Index (Median Monthly Payment): $1,862
- National Population Rank: 8
San Diego, CA
- Share of Income Spent on Rent (Median): 41.2%
- Current Zillow Rent Index (Median Monthly Payment): $2,548
- National Population Rank: 17
San Francisco, CA
- Share of Income Spent on Rent (Median): 39.9%
- Current Zillow Rent Index (Median Monthly Payment): $3,412
- National Population Rank: 11
New York, NY
- Share of Income Spent on Rent (Median): 38.8%
- Current Zillow Rent Index (Median Monthly Payment): $2,401
- National Population Rank: 1
Riverside, CA
- Share of Income Spent on Rent (Median): 36.7%
- Current Zillow Rent Index (Median Monthly Payment): $1,872
- National Population Rank: 13
San Jose, CA
- Share of Income Spent on Rent (Median): 36.3%
- Current Zillow Rent Index (Median Monthly Payment): $3,514
- National Population Rank: 34
Boston, MA
- Share of Income Spent on Rent (Median): 33.4%
- Current Zillow Rent Index (Median Monthly Payment): $2,371
- National Population Rank: 10
New Orleans, LA
- Share of Income Spent on Rent (Median): 33.3%
- Current Zillow Rent Index (Median Monthly Payment): $1,390
- National Population Rank: 46
Sacramento, CA
- Share of Income Spent on Rent (Median): 33%
- Current Zillow Rent Index (Median Monthly Payment): $1,849
- National Population Rank: 25
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