As the economy contracted earlier this month, we’re reminded that the effects of the Great Recession are still being felt. Home ownership is down, incomes are down, and more and more people are renting. We decided to help out our fellow Americans by putting together a list of the most affordable places to rent, nationwide.
Using HUD Fair Market Rents, Gross Family Income, Data from the American Housing Survey and the National Low Income Housing Coalition, we look at where rents will take the least chunk out of your salary. Our listing methodology is based on the % of Gross Income a 1 Bedroom apartment will take out of your total salary. The lower, the better. We defined a Metro as an area with at least 100,000 households and 33% of the population renting.
Surprisingly, some of the metros that met our criteria were on either coast of the USA. Also surprising is the average median income for the area, and the purchasing power those dollars provided. It makes sense to live in cheaper areas in more ways then one. Ohio is by the most affordable state, with nearly all of its metro areas making our list.