For the first time in the nation’s history, median rents in the United States crossed $2,000. According to a report from real estate listing site Redfin, the median rent on all apartments listed nationwide rose 15% nationwide compared to a year ago. For those millions of Americans who do not have the stability afforded to them through homeownership, rising rent, along with inflation and other pandemic-related causes that have driven up housing costs, will take a serious financial toll.
A little over one-third of U.S. households live in rented homes. However, in some parts of the country, renting is so uncommon that this spike in rental prices will have a relatively small impact.
To determine the 50 metropolitan areas with the lowest rental rates, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey. Nationwide, 35.6% of housing units are occupied by renters. Among the 50 metro areas on this list, that figure ranges from 27.9% to as low as 11.4%.
Young people are far more likely to rent homes than buy. Well over half of all renters in the United States are under the age of 35, whereas that age group accounts for less than 10% of homeowners. Many of the metropolitan areas on this list have such low shares of renters because they have older populations.
According to the census, 23.2% of Americans are 18-34 years old. In all but four of the places on this list, that age group accounts for a smaller share of the population. In the The Villages, Florida metropolitan area, which has the lowest rental rate among metro areas, 8.6% of the population is 18-34, the lowest percentage among all U.S. metropolitan areas.
Florida has by far the most metropolitan areas on this list, with 11. Michigan is second with six, and Pennsylvania and West Virginia have four each. All four states rank as having relatively old populations, with Florida and West Virginia falling in the top five. This is the youngest county in every state.
In a number of metro areas where a lower share of housing units are rentals, especially those that are not as disproportionately young, property is relatively inexpensive and many residents who in other parts of the country might have been forced to rent are able to buy a home.
The U.S. median home value is $229,800. In 38 of the 50 metropolitan areas on this list, that value is lower. These are 25 cities where homes are selling the fastest.
Click here to see big cities where the fewest people rent their homes
To determine the metros with the lowest share of renters, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey.
We used the 384 metropolitan statistical areas as delineated by the United States Office of Management and Budget and used by the Census Bureau as our definition of metros.
Metropolitan areas were ranked based on the percentage of housing units that are occupied by renters. To break ties, we used the number of housing units that are occupied by renters.
Additional information on median rental cost, median home value, and median household income are also five-year estimates from the 2020 ACS. Because the Census Bureau didn’t release one-year estimates for 2020 due to data collection issues caused by the COVID-19 pandemic, all ACS data are five-year estimates.
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50. Peoria, IL
> Rental occupied housing units: 27.9%
> Median rental cost: $776 — 61st lowest of 384 metros (tied)
> Median home value: $133,600 — 54th lowest of 384 metros
> Median household income: $60,094 — 171st highest of 384 metros
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49. Kokomo, IN
> Rental occupied housing units: 27.9%
> Median rental cost: $743 — 33rd lowest of 384 metros
> Median home value: $113,900 — 17th lowest of 384 metros
> Median household income: $56,387 — 158th lowest of 384 metros
Source: JodiJacobson / E+ via Getty Images
48. Duluth, MN-WI
> Rental occupied housing units: 27.7%
> Median rental cost: $794 — 81st lowest of 384 metros
> Median home value: $162,700 — 156th lowest of 384 metros
> Median household income: $58,729 — 189th lowest of 384 metros
Source: Sean Pavone / iStock via Getty Images
47. Wausau-Weston, WI
> Rental occupied housing units: 27.7%
> Median rental cost: $767 — 52nd lowest of 384 metros (tied)
> Median home value: $158,200 — 138th lowest of 384 metros
> Median household income: $62,237 — 134th highest of 384 metros
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46. Charleston, WV
> Rental occupied housing units: 27.5%
> Median rental cost: $728 — 27th lowest of 384 metros
> Median home value: $110,100 — 15th lowest of 384 metros
> Median household income: $46,099 — 16th lowest of 384 metros
Source: Althom / iStock Editorial via Getty Images
45. Prescott Valley-Prescott, AZ
> Rental occupied housing units: 27.4%
> Median rental cost: $982 — 136th highest of 384 metros (tied)
> Median home value: $273,300 — 71st highest of 384 metros
> Median household income: $53,329 — 105th lowest of 384 metros
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44. Cheyenne, WY
> Rental occupied housing units: 27.4%
> Median rental cost: $933 — 170th highest of 384 metros
> Median home value: $239,900 — 109th highest of 384 metros
> Median household income: $69,369 — 72nd highest of 384 metros
Source: CampPhoto / iStock via Getty Images
43. Cape Coral-Fort Myers, FL
> Rental occupied housing units: 27.3%
> Median rental cost: $1,225 — 46th highest of 384 metros
> Median home value: $235,300 — 114th highest of 384 metros
> Median household income: $59,608 — 178th highest of 384 metros
Source: Jennifer_Sharp / iStock via Getty Images
42. Lewiston, ID-WA
> Rental occupied housing units: 27.3%
> Median rental cost: $762 — 48th lowest of 384 metros
> Median home value: $207,200 — 147th highest of 384 metros
> Median household income: $55,657 — 151st lowest of 384 metros
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41. Parkersburg-Vienna, WV
> Rental occupied housing units: 27.2%
> Median rental cost: $710 — 20th lowest of 384 metros
> Median home value: $123,800 — 37th lowest of 384 metros
> Median household income: $48,369 — 45th lowest of 384 metros
40. Gadsden, AL
> Rental occupied housing units: 27.0%
> Median rental cost: $676 — 5th lowest of 384 metros
> Median home value: $124,400 — 39th lowest of 384 metros
> Median household income: $44,934 — 9th lowest of 384 metros
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39. Michigan City-La Porte, IN
> Rental occupied housing units: 26.7%
> Median rental cost: $763 — 49th lowest of 384 metros
> Median home value: $139,900 — 75th lowest of 384 metros
> Median household income: $57,010 — 166th lowest of 384 metros
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38. Grand Rapids-Kentwood, MI
> Rental occupied housing units: 26.6%
> Median rental cost: $910 — 184th highest of 384 metros
> Median home value: $186,500 — 178th highest of 384 metros (tied)
> Median household income: $66,297 — 94th highest of 384 metros
Source: Jeff Yount / iStock via Getty Images
37. Hickory-Lenoir-Morganton, NC
> Rental occupied housing units: 26.6%
> Median rental cost: $708 — 18th lowest of 384 metros (tied)
> Median home value: $139,100 — 72nd lowest of 384 metros
> Median household income: $49,706 — 56th lowest of 384 metros
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36. Appleton, WI
> Rental occupied housing units: 26.6%
> Median rental cost: $815 — 103rd lowest of 384 metros (tied)
> Median home value: $180,300 — 192nd lowest of 384 metros
> Median household income: $70,261 — 66th highest of 384 metros
Source: cosmonaut / iStock via Getty Images
35. Dubuque, IA
> Rental occupied housing units: 26.6%
> Median rental cost: $802 — 89th lowest of 384 metros
> Median home value: $175,300 — 180th lowest of 384 metros (tied)
> Median household income: $64,493 — 108th highest of 384 metros
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34. Kingsport-Bristol, TN-VA
> Rental occupied housing units: 26.5%
> Median rental cost: $678 — 7th lowest of 384 metros
> Median home value: $140,800 — 78th lowest of 384 metros
> Median household income: $46,685 — 24th lowest of 384 metros
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33. Decatur, AL
> Rental occupied housing units: 26.5%
> Median rental cost: $666 — 4th lowest of 384 metros
> Median home value: $137,600 — 64th lowest of 384 metros (tied)
> Median household income: $51,842 — 84th lowest of 384 metros
32. Houma-Thibodaux, LA
> Rental occupied housing units: 26.1%
> Median rental cost: $842 — 131st lowest of 384 metros (tied)
> Median home value: $157,000 — 134th lowest of 384 metros
> Median household income: $53,267 — 103rd lowest of 384 metros
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31. Salisbury, MD-DE
> Rental occupied housing units: 25.7%
> Median rental cost: $1,032 — 119th highest of 384 metros (tied)
> Median home value: $243,900 — 100th highest of 384 metros
> Median household income: $62,799 — 126th highest of 384 metros
Source: SeanPavonePhoto / iStock via Getty Images
30. Jackson, MI
> Rental occupied housing units: 25.7%
> Median rental cost: $800 — 87th lowest of 384 metros
> Median home value: $138,900 — 71st lowest of 384 metros
> Median household income: $54,511 — 126th lowest of 384 metros
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29. Naples-Marco Island, FL
> Rental occupied housing units: 25.6%
> Median rental cost: $1,374 — 25th highest of 384 metros
> Median home value: $366,600 — 29th highest of 384 metros
> Median household income: $70,217 — 67th highest of 384 metros
Source: marekuliasz / iStock via Getty Images
28. Greeley, CO
> Rental occupied housing units: 25.5%
> Median rental cost: $1,143 — 73rd highest of 384 metros
> Median home value: $326,100 — 37th highest of 384 metros
> Median household income: $74,332 — 50th highest of 384 metros
Source: ChrisBoswell / iStock via Getty Images
27. Wheeling, WV-OH
> Rental occupied housing units: 25.5%
> Median rental cost: $657 — 3rd lowest of 384 metros
> Median home value: $115,200 — 20th lowest of 384 metros
> Median household income: $49,928 — 57th lowest of 384 metros
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26. Hilton Head Island-Bluffton, SC
> Rental occupied housing units: 25.4%
> Median rental cost: $1,203 — 50th highest of 384 metros
> Median home value: $295,000 — 54th highest of 384 metros
> Median household income: $67,723 — 85th highest of 384 metros
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25. Johnstown, PA
> Rental occupied housing units: 25.3%
> Median rental cost: $635 — the lowest of 384 metros
> Median home value: $94,900 — 5th lowest of 384 metros
> Median household income: $47,644 — 32nd lowest of 384 metros
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24. York-Hanover, PA
> Rental occupied housing units: 25.2%
> Median rental cost: $972 — 142nd highest of 384 metros
> Median home value: $183,300 — 184th highest of 384 metros
> Median household income: $68,940 — 75th highest of 384 metros
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23. Ocala, FL
> Rental occupied housing units: 25.2%
> Median rental cost: $929 — 176th highest of 384 metros (tied)
> Median home value: $151,700 — 109th lowest of 384 metros (tied)
> Median household income: $46,587 — 22nd lowest of 384 metros
Source: BanksPhotos / E+ via Getty Images
22. Rochester, MN
> Rental occupied housing units: 25.0%
> Median rental cost: $952 — 153rd highest of 384 metros (tied)
> Median home value: $218,500 — 134th highest of 384 metros
> Median household income: $76,787 — 38th highest of 384 metros
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21. North Port-Sarasota-Bradenton, FL
> Rental occupied housing units: 24.9%
> Median rental cost: $1,259 — 42nd highest of 384 metros
> Median home value: $261,100 — 82nd highest of 384 metros
> Median household income: $62,438 — 132nd highest of 384 metros
Source: ChrisBoswell / iStock via Getty Images
20. Cedar Rapids, IA
> Rental occupied housing units: 24.7%
> Median rental cost: $768 — 54th lowest of 384 metros
> Median home value: $159,800 — 142nd lowest of 384 metros (tied)
> Median household income: $66,620 — 91st highest of 384 metros
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19. Palm Bay-Melbourne-Titusville, FL
> Rental occupied housing units: 24.4%
> Median rental cost: $1,111 — 86th highest of 384 metros
> Median home value: $220,000 — 129th highest of 384 metros (tied)
> Median household income: $59,359 — 183rd highest of 384 metros
Source: hkim39 / iStock via Getty Images
18. Beckley, WV
> Rental occupied housing units: 24.3%
> Median rental cost: $691 — 14th lowest of 384 metros
> Median home value: $104,100 — 10th lowest of 384 metros
> Median household income: $43,444 — 5th lowest of 384 metros
Source: Simplyphotos / iStock Editorial via Getty Images
17. Myrtle Beach-Conway-North Myrtle Beach, SC-NC
> Rental occupied housing units: 24.0%
> Median rental cost: $976 — 140th highest of 384 metros
> Median home value: $195,700 — 162nd highest of 384 metros
> Median household income: $53,832 — 117th lowest of 384 metros
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16. Bay City, MI
> Rental occupied housing units: 23.9%
> Median rental cost: $679 — 8th lowest of 384 metros
> Median home value: $106,400 — 12th lowest of 384 metros
> Median household income: $48,290 — 43rd lowest of 384 metros
Source: smontgom65 / iStock via Getty Images
15. Muskegon, MI
> Rental occupied housing units: 23.8%
> Median rental cost: $780 — 67th lowest of 384 metros
> Median home value: $126,400 — 45th lowest of 384 metros
> Median household income: $53,478 — 108th lowest of 384 metros
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14. Ogden-Clearfield, UT
> Rental occupied housing units: 23.4%
> Median rental cost: $1,038 — 114th highest of 384 metros
> Median home value: $284,500 — 64th highest of 384 metros
> Median household income: $78,680 — 30th highest of 384 metros
Source: felixmizioznikov / iStock via Getty Images
13. Port St. Lucie, FL
> Rental occupied housing units: 23.4%
> Median rental cost: $1,194 — 52nd highest of 384 metros
> Median home value: $227,800 — 119th highest of 384 metros
> Median household income: $58,039 — 182nd lowest of 384 metros
Source: Kruck20 / iStock via Getty Images
12. Daphne-Fairhope-Foley, AL
> Rental occupied housing units: 23.0%
> Median rental cost: $1,032 — 119th highest of 384 metros (tied)
> Median home value: $211,600 — 142nd highest of 384 metros
> Median household income: $61,756 — 145th highest of 384 metros
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11. Sebring-Avon Park, FL
> Rental occupied housing units: 23.0%
> Median rental cost: $801 — 88th lowest of 384 metros
> Median home value: $120,500 — 31st lowest of 384 metros (tied)
> Median household income: $43,708 — 6th lowest of 384 metros
Source: Alex Potemkin / iStock Unreleased via Getty Images
10. East Stroudsburg, PA
> Rental occupied housing units: 22.9%
> Median rental cost: $1,154 — 66th highest of 384 metros
> Median home value: $173,800 — 178th lowest of 384 metros
> Median household income: $68,734 — 77th highest of 384 metros
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9. Midland, MI
> Rental occupied housing units: 22.7%
> Median rental cost: $807 — 96th lowest of 384 metros (tied)
> Median home value: $145,900 — 91st lowest of 384 metros
> Median household income: $64,078 — 112th highest of 384 metros
Source: Pgiam / iStock Unreleased via Getty Images
8. Gettysburg, PA
> Rental occupied housing units: 22.2%
> Median rental cost: $932 — 171st highest of 384 metros
> Median home value: $212,300 — 141st highest of 384 metros
> Median household income: $68,411 — 80th highest of 384 metros
7. Ocean City, NJ
> Rental occupied housing units: 22.0%
> Median rental cost: $1,176 — 58th highest of 384 metros
> Median home value: $306,200 — 43rd highest of 384 metros
> Median household income: $72,385 — 57th highest of 384 metros
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Source: DenisTangneyJr / iStock via Getty Images
6. Barnstable Town, MA
> Rental occupied housing units: 20.4%
> Median rental cost: $1,362 — 27th highest of 384 metros
> Median home value: $414,000 — 21st highest of 384 metros
> Median household income: $76,863 — 37th highest of 384 metros
Source: Penny Britt / iStock via Getty Images
5. Sebastian-Vero Beach, FL
> Rental occupied housing units: 20.0%
> Median rental cost: $994 — 129th highest of 384 metros (tied)
> Median home value: $220,700 — 128th highest of 384 metros
> Median household income: $57,945 — 180th lowest of 384 metros
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4. Monroe, MI
> Rental occupied housing units: 19.4%
> Median rental cost: $870 — 165th lowest of 384 metros (tied)
> Median home value: $167,400 — 168th lowest of 384 metros
> Median household income: $65,453 — 100th highest of 384 metros
Source: choicegraphx / iStock via Getty Images
3. Punta Gorda, FL
> Rental occupied housing units: 18.4%
> Median rental cost: $1,042 — 112th highest of 384 metros
> Median home value: $209,500 — 144th highest of 384 metros
> Median household income: $52,724 — 96th lowest of 384 metros
Source: csfotoimages / iStock Editorial via Getty Images
2. Homosassa Springs, FL
> Rental occupied housing units: 16.5%
> Median rental cost: $847 — 136th lowest of 384 metros (tied)
> Median home value: $144,100 — 85th lowest of 384 metros
> Median household income: $45,689 — 11th lowest of 384 metros
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Source: Michael Warren / iStock via Getty Images
1. The Villages, FL
> Rental occupied housing units: 11.4%
> Median rental cost: $935 — 168th highest of 384 metros (tied)
> Median home value: $267,100 — 80th highest of 384 metros
> Median household income: $59,618 — 177th highest of 384 metros
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