As housing costs rise faster than wages, affordable rentals are scarce. WalletHub's analysis of median rent and household income reveals cities where renters face manageable costs. Bismarck, North Dakota, leads as the most affordable city, dedicating just 15.34% of income to rent, compared to 33.48% in pricey Miami. Sioux Falls and Cheyenne follow, offering similarly low rent-to-income ratios. These findings underscore the financial advantage of lower rent which allows residents to save for emergencies or future homeownership.
In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to more than 33% in the most expensive cities.
Bismarck, North Dakota, where renters spend just 15.34% of their median income on rent. This creates a favorable balance, making housing costs remarkably manageable.
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