Special Report

US Neighborhoods Where the Fewest People Rent

For the first time in the nation’s history, median rents 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. housing units are rented. While many associate homeownership with economic stability, renting is often a safer choice, granting more flexibility. In addition, in cities across much of the country, for a large share of residents, particularly young ones, renting is the only financially feasible choice. 

To determine the 50 ZIP codes with the lowest rental rates, 24/7 Wall St. reviewed housing data from the U.S. Census Bureau’s 2020 American Community Survey. Nationwide, 35.6% of housing units are rental properties. Among the 50 ZIP codes on this list, that figure ranges from 3.9% to an estimated 0.0% of housing units. Michigan has by far the most places on this list, with 11. New York is second, with five. Just under half of the 50 ZIP codes are in the Midwest, and there are 15 in the Northeast. 

The ability to afford buying a home appears to be a major reason many of these ZIP codes have such low housing units occupied by renters. The U.S. median household income is $64,994. All but one of the places on this list have a higher typical household income, including ZIP 02468, which is one of just a handful of ZIP codes across the country to have a median household income in excess of $250,000. These are the most affordable U.S. metro areas for commuters.

Click here to see the US neighborhoods where the fewest people rent

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