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To find the most affordable ZIP codes for renters, CashNetUSA compared the average household incomes and annual rent costs in each U.S. ZIP code, and found the areas where rents cost the lowest ...
The analysis found that of the 50 most populous metros, rent is only affordable for median-income earners — meaning the median rent costs 30% of their income or less — in five cities.
Despite having the most expensive median asking rent — $3,377 — in the top 10, San Jose’s rental market isn’t slowing down anytime soon. The city’s rent growth is 2.6% on a YOY basis.
In fact, if you define affordable housing as housing costing 30% of income, there are zero major cities where a single person could afford rent on their own, a new Clever Real Estate study found.
The term "affordable housing" refers to housing that is considered economically accessible for individuals and families whose household income falls at or below the Area Median Income (AMI), as evaluated by either national or local government authorities through an officially recognized housing affordability index. [3]
However Tucson, Arizona’s rent median is $1,140, which ranks as the 16th most affordable on the list of 55 large metro areas. The cheapest big metro region for rent is Cleveland-Elyria at $982 ...
Rent for a studio dropped the most, falling 1% from a year ago to $1,434. Rents grew in the Midwest, which is among the most affordable parts of the country, with rents in Chicago up 4.2% from a ...
The onset of the COVID-19 pandemic slammed the U.S. economy hard. Millions of Americans became unemployed, lockdown orders were set in place, and inflation skyrocketed. The cost of everyday ...