Zillow Research

Quiz: What Are the Most Affordable Markets for Renters?

By Zillow Research on 1 Mar 2019

<section> <h2>What Are the Most Affordable Markets for Renters?</h2> <p> </p> <p>A widely accepted rule of thumb is that people should not spend more than 30 percent of their incomes on rent or a mortgage. The more they spend, the more strapped they are in other areas of their lives. The typical renter in the fourth quarter 2018 spent 27.7 percent of their income on rent. Renters spend a greater share than that in 31 of the largest 50 metro areas — and the most affordable are these 10.</p> </section> <section> <h2>These two markets are almost tied for the most affordable major metros in the country — with people in both places spending just above 21 percent of their incomes for a typical rental.</h2> </section> <section> <h3>Historically, renters in Kansas City spent 17.5 percent of their incomes on rent. Now that it’s the fifth most affordable metro in the country, what share of their incomes do people spend on rent?</h3> </section> <section> <h3>In these three major markets, renters spend 24 percent of their incomes on rent, making them tied for the eight most affordable metro in the country.</h3> </section> <section> <h3>Of those three markets where people spend 24 percent of their incomes on rent, which one has barely moved from its historical (1985 to 1999) affordability average?</h3> </section> <section> <h3>This metro area ranks 42nd by population and is the country’s third most affordable.</h3> </section> <section> <h3>In these two markets, typical renters pay 23.7 percent of their incomes on rent — four full percentage points below the national median of 27.7 percent.</h3> </section> <section> <h3>In this fourth most affordable major metro, people spend 23 percent of their incomes on rent — up from 18.9 percent historically.</h3> </section> <section></section> <section></section> <p> </p> <p></p>

Quiz Maker – powered by Riddle

Affordability data are from the fourth quarter 2018. Rent data are from January 2019.

Exit mobile version

Quiz: What Are the Most Affordable Markets for Renters?

Related Articles