Rents in the United States hit a record high in April, according to real estate listing site Realtor.com, with rents rising 16.7% compared to the previous year. In contrast, over the previous five years, gross rents increased by 18.1%.
Rising housing costs are a main driver of inflation, which recently hit a multi-decade high in the United States. Higher monthly rent costs are putting a serious squeeze on the millions of Americans, typically younger ones, who already cannot afford to own a home.
According to the most recent available data from the U.S. Census Bureau’s American Community Survey, the median gross rent price in the United States is $1,096. In some major metropolitan areas, however, monthly housing costs are far lower, offering cash-strapped renters a break.
In the Danville metro area, located in Illinois, the median monthly rent price is $683 – 37.7% less than the national average and among the lowest of any U.S. metro area.
Rent prices are partially a reflection of real estate and home values in a given area. And just as rent prices are lower than average in Danville, so too are home values. The typical home in the metro area is worth an estimated $80,900, compared to the national median home value of $229,800
All data used in this story on rent prices and home values are five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.
|Rank||Metro area||Median monthly rent ($)||Median home value ($)||Share of housing units occupied by renters (%)|
|8||Bay City, MI||679||106,400||23.9|
|10||Florence-Muscle Shoals, AL||683||140,000||30.7|
|12||Jefferson City, MO||686||162,100||28.3|
|16||Fort Smith, AR-OK||701||119,500||33.8|
|26||Pine Bluff, AR||726||85,700||34.8|
|28||Johnson City, TN||734||152,600||33.0|
|31||Terre Haute, IN||740||99,700||30.8|
|41||Rocky Mount, NC||753||115,400||36.4|
|49||Michigan City-La Porte, IN||763||139,900||26.7|
|50||Las Cruces, NM||765||153,600||35.4|
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