Rent Is Least Affordable In These 10 Metro Areas (2024)

FAQs

What are the most unaffordable metro areas? ›

Renting in a U.S. metro with expensive housing costs could make reaching your personal finance goals more challenging. Moody's Analytics found that rent-to-income ratios in metros like San Francisco, Boston, Miami, Los Angeles, and New York make these areas the least affordable places to live in the U.S. as a renter.

New York is the most rent-burdened metro area in the U.S., according to a new report from Moody's Analytics. A household with the median income in the Big Apple would need to pay nearly 69% of earnings to rent the averaged-priced apartment there, the research division of the rating agency found.

The coronavirus pandemic brought a new wave of people looking to become Floridians. That's one of the reasons why CBS News says Florida is now America's least affordable place to live. According to Realtor.com, the Miami area was the least affordable rental market in February.

The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.

Analysis by Redfin showed prices increased by 14.1% over the year in 2021 and 7.45% in 2022. With real wages falling by 1.3% in the last year there is an intense squeeze on purse-strings. California is no exception and has the highest average rent prices in the country.

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

Least Expensive States. Rents are the lowest in the central United States. Only twelve states have an average rental cost below $1,000. North Dakota has the nation's lowest average rent, at just $821 a month, a 3% increase from the previous year.

What state is the best to rent? ›

North Dakota, South Dakota and Iowa are the best states for renters. California, Massachusetts and Nevada are the worst states for renters. Overall median rent ranges from $1,774 to $770 per month in Hawaii and West Virginia, respectively.

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

Is it expensive to live in Florida? Though the state has long had a reputation for being an inexpensive place to live, housing costs are high. Rents and sale prices are both well above national averages. However, the overall cost of living in the state is about on par with the national average.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

Good News! The cost of living in Orlando, FL is -41.2% lower than in New York, NY. You would have to earn a salary of $35,309 to maintain your current standard of living. Employers in Orlando, FL typically pay -19.2% less than employers in New York, NY.

The cost of living in America varies dramatically between each state. From Mississippi being the cheapest state to live in with a median household income of $46,511 to Hawaii being the most expensive state with a median household income of $83,173.

The cheapest states to live in are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8.

The Demographia International Housing Affordability report for 2023 was released on Monday, with Sydney ranking just ahead of the world's least affordable nation Hong Kong.

Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022.

Why do rich people rent where they live? ›

So they may rent a place in New York City, London, and San Francisco to live in because it's much cheaper than buying. Since they have cash-flowing real estate and other investments to live off of, they know the difference between a property that is an expense and an income property.

Take a look inside this fabulous New York flat, which offers more than 5,250 sq ft of living space. Starting price: $250 million. The penthouse is the world's highest residence, located in the Central Park Tower, a luxury skyscraper nestled in the heart of billionaire New York.

1. Tulsa, Oklahoma. Of all U.S. metro areas with populations of more than 1 million, none has cheaper apartment rents than Tulsa.

The average rent for an apartment in the U.S. is $1,702. The cost of rent varies depending on several factors, including location, size, and quality.

The One, Beverly Hills, California—$126 Million

The One, yes that one—the colossal, incomplete, 105,000-square-foot Bel Air mansion commissioned in 2012 by controversial developer Nile Niami that went into receivership in 2021 due to over $165 million in unpaid debt—was sold to the highest bidder this year.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Where is housing the cheapest in the US? ›

It's simple, all you need is: Renters must be at least 20 years old to rent a vehicle at most locations in the U.S. and Canada. In Michigan, New York and the province of Quebec, the minimum age to rent a vehicle is 18. In Alabama and Nebraska, the minimum age to rent a vehicle is 19.

The Market in the US

It is a highly competitive market for car rentals as there are many rental companies, in which the state has 25 airports boasting passenger traffic of 50 million per year. New York also has the highest car rental rates with an average of USD 76 per day.

Reasons why rent is so high range from general inflation to fewer housing units being constructed in recent years to plain, old high demand for housing — and much more. Read on for a closer look at why rent is so expensive in the U.S.

Renting provides much more flexibility. However, if you have returned to the office, either full-time or partially, and assume you'll remain in your current job for a few years, then buying might be wiser. A common rule of thumb is if you plan to stay in the home for five to seven years, then buying is a good option.

What is a livable salary in Florida? MIT's Living Wage Calculator says a livable salary for a single person in Florida with no children is about $36,000 before taxes.

If you are looking for a place to spend your golden years, look no further. Florida was ranked the second-best state to retire to in 2022, due primarily to low taxes and great weather.

Is Texas or Florida more expensive? ›

Not only is Texas 8% cheaper than Florida overall, but housing, utilities and groceries all cost significantly less in the Lone Star State. (Utility costs in the two states are about equal.) Overall, living in Texas is more affordable than living in Florida.

Massachusetts was crowned the top state to raise a family in, followed by Minnesota, New York, North Dakota, and Vermont. New Hampshire checked in at sixth on the list, while Connecticut ranked 10th, Rhode Island ranked 11th and Maine ranked 16th. Mississippi was ranked the worst state to raise a family in.

Regarding affordability, the report indicates that Connecticut, Massachusetts, and New Jersey are the most affordable states with Arizona, Nevada, and Florida being the least affordable.

1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.

No state income tax in Florida, cheaper real estate and the weather are the top reasons broker Melissa Cantway said people are still moving here.

Florida is one of the most popular places for Americans to retire. Year-round warmth, sandy beaches, and luxury housing are well-known perks of the Florida lifestyle.

If you make $70,000 a year living in the region of Florida, USA, you will be taxed $13,523. That means that your net pay will be $56,477 per year, or $4,706 per month.

To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well.

Topping the list of most expensive cities to live in is San Francisco along with Oakland and Berkeley in Northern California.

What are the poorest metro cities in the US? ›

Hawaii is the state with the highest cost of living in the US, with a cost of living index of 184. The state's high cost of living is mainly due to the high cost of housing, which is among the highest in the nation.

Those cities include Los Angeles, which ranks at the top as the least affordable, while other cities like Hartford, Connecticut and Corpus Christi, Texas also outrank New York.

Approximately 45% of the 543 U.S. micro areas saw increases in population between 2021 and 2022. The Pullman, WA micro area had the largest numeric and percent increase of all U.S. micro areas between 2021 and 2022, adding 4,381 people (10.1%).

Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).

What city is #1 in poverty? ›

In 2021, Philadelphia, Pennsylvania was the city with the highest poverty rate of the United States' most populated cities. In this statistic, the cities are sorted by poverty rate, not population.