Prospective home buyers in the United States are facing some of the least favorable market conditions in decades. Most new homes in the U.S. sold for over $430,000 in the third quarter of 2023, and the average 30-year fixed mortgage rate recently hit a 23 year high. Now, according to a recent study conducted by real estate brokerage company Redfin, it takes an annual household income of at least $115,000 to comfortably afford a median priced home in the United States – and most American households earn less than $75,000 a year.Â
Prohibitive homeownership costs have made renting the only option for a growing number of Americans. And in many U.S. cities, renting remains affordable for a much broader range of income levels. (These are the states where saving enough to buy a house takes the longest.)
Using data for 384 metro areas from the U.S. Census Bureau’s 2022 American Community Survey, 24/7 Wall St. identified the 50 cities with the lowest rents. Cities are ranked by monthly median gross rental price in 2022. All supplemental data in this story, including rental unit size, housing units occupied by renters, median income, rent-to-income ratios, and population are also from the 2022 ACS.Â
Among the metro areas on this list, median rent prices range from $858 per month to about $670. For context, the median monthly rental price nationwide stands at $1,300.Â
Of the 50 metro areas on this list, half are located in the South, and 17 are in the Midwest – regions that tend to have below average living costs. Meanwhile, only three of these metro areas are in the West, and five are in the Northeast.Â
The cities on this list tend to have lower-than-average incomes, with a typical household earning anywhere from about $44,300 to $74,000 a year, according to the 2022 ACS. Still, renting remains relatively affordable, as in the majority of these places, median rental prices account for 30% or less of the typical income, while nationwide, renters spend an average of 31% of their income on housing. (These are the states with the worst housing shortages for low income Americans.)
Here is the city with the lowest rent in America.
50. Huntington-Ashland, WV-KY-OH
- Median monthly rent, 2022: $858
- Median rent as pct. of household income: 30.9%
- Households occupied by renters: 25.7%
- Median rental unit size: 4.8 rooms
- Median household income: $56,806
- Total population: 354,304
49. Johnson City, TN
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $857
- Median rent as pct. of household income: 28.0%
- Households occupied by renters: 31.3%
- Median rental unit size: 4.3 rooms
- Median household income: $58,660
- Total population: 211,849
48. Springfield, OH
- Median monthly rent, 2022: $856
- Median rent as pct. of household income: 27.4%
- Households occupied by renters: 32.0%
- Median rental unit size: 4.8 rooms
- Median household income: $56,132
- Total population: 134,831
47. Kokomo, IN
- Median monthly rent, 2022: $856
- Median rent as pct. of household income: 32.6%
- Households occupied by renters: 25.7%
- Median rental unit size: 4.4 rooms
- Median household income: $55,297
- Total population: 83,574
46. Muncie, IN
Source: Roberto Galan / iStock Editorial via Getty Images
- Median monthly rent, 2022: $854
- Median rent as pct. of household income: 34.0%
- Households occupied by renters: 33.8%
- Median rental unit size: 4.5 rooms
- Median household income: $54,087
- Total population: 112,031
45. Pocatello, ID
Source: BOB WESTON / iStock via Getty Images
- Median monthly rent, 2022: $853
- Median rent as pct. of household income: 29.5%
- Households occupied by renters: 31.1%
- Median rental unit size: 4.3 rooms
- Median household income: $61,566
- Total population: 98,560
44. Battle Creek, MI
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $853
- Median rent as pct. of household income: 30.0%
- Households occupied by renters: 23.7%
- Median rental unit size: 4.3 rooms
- Median household income: $59,522
- Total population: 133,289
43. Bloomsburg-Berwick, PA
- Median monthly rent, 2022: $853
- Median rent as pct. of household income: 26.8%
- Households occupied by renters: 29.4%
- Median rental unit size: 4.7 rooms
- Median household income: $62,314
- Total population: 83,017
42. Las Cruces, NM
Source: SWCargill / iStock via Getty Images
- Median monthly rent, 2022: $850
- Median rent as pct. of household income: 36.1%
- Households occupied by renters: 33.5%
- Median rental unit size: 4.1 rooms
- Median household income: $51,967
- Total population: 223,337
41. Dalton, GA
Source: sshepard / iStock Unreleased via Getty Images
- Median monthly rent, 2022: $847
- Median rent as pct. of household income: 30.3%
- Households occupied by renters: 34.2%
- Median rental unit size: 4.5 rooms
- Median household income: $62,644
- Total population: 143,604
40. Rocky Mount, NC
- Median monthly rent, 2022: $847
- Median rent as pct. of household income: 23.9%
- Households occupied by renters: 39.2%
- Median rental unit size: 4.7 rooms
- Median household income: $53,896
- Total population: 144,090
39. Canton-Massillon, OH
Source: Sean Pavone / iStock via Getty Images
- Median monthly rent, 2022: $842
- Median rent as pct. of household income: 26.5%
- Households occupied by renters: 30.1%
- Median rental unit size: 4.9 rooms
- Median household income: $64,546
- Total population: 399,316
38. Great Falls, MT
Source: leezsnow / iStock via Getty Images
- Median monthly rent, 2022: $837
- Median rent as pct. of household income: 25.1%
- Households occupied by renters: 30.7%
- Median rental unit size: 4.3 rooms
- Median household income: $58,698
- Total population: 84,864
37. Joplin, MO
Source: Sandra Sapp / iStock via Getty Images
- Median monthly rent, 2022: $836
- Median rent as pct. of household income: 27.7%
- Households occupied by renters: 33.4%
- Median rental unit size: 4.4 rooms
- Median household income: $54,041
- Total population: 184,086
36. Jonesboro, AR
Source: BOB WESTON / iStock via Getty Images
- Median monthly rent, 2022: $832
- Median rent as pct. of household income: 32.0%
- Households occupied by renters: 37.4%
- Median rental unit size: 4.2 rooms
- Median household income: $59,582
- Total population: 135,512
35. Bay City, MI
Source: ShriramPatki / iStock via Getty Images
- Median monthly rent, 2022: $829
- Median rent as pct. of household income: 29.0%
- Households occupied by renters: 25.3%
- Median rental unit size: 4.4 rooms
- Median household income: $55,134
- Total population: 102,821
34. Texarkana, TX-AR
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $827
- Median rent as pct. of household income: 33.4%
- Households occupied by renters: 34.3%
- Median rental unit size: 4.4 rooms
- Median household income: $48,230
- Total population: 144,322
33. Florence-Muscle Shoals, AL
- Median monthly rent, 2022: $826
- Median rent as pct. of household income: 25.2%
- Households occupied by renters: 30.6%
- Median rental unit size: 4.6 rooms
- Median household income: $56,563
- Total population: 153,911
32. Williamsport, PA
Source: Alex Potemkin / iStock via Getty Images
- Median monthly rent, 2022: $823
- Median rent as pct. of household income: 26.9%
- Households occupied by renters: 30.0%
- Median rental unit size: 4.4 rooms
- Median household income: $62,516
- Total population: 113,104
31. Grand Island, NE
Source: Cheri Alguire / iStock Editorial via Getty Images
- Median monthly rent, 2022: $823
- Median rent as pct. of household income: 25.7%
- Households occupied by renters: 33.2%
- Median rental unit size: 3.9 rooms
- Median household income: $67,646
- Total population: 76,333
30. Cedar Rapids, IA
Source: ChrisBoswell / iStock via Getty Images
- Median monthly rent, 2022: $820
- Median rent as pct. of household income: 26.5%
- Households occupied by renters: 23.5%
- Median rental unit size: 3.8 rooms
- Median household income: $73,895
- Total population: 275,592
29. St. Joseph, MO-KS
Source: BOB WESTON / iStock via Getty Images
- Median monthly rent, 2022: $818
- Median rent as pct. of household income: 25.7%
- Households occupied by renters: 31.2%
- Median rental unit size: 4.4 rooms
- Median household income: $60,582
- Total population: 119,619
28. Jefferson City, MO
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $816
- Median rent as pct. of household income: 21.5%
- Households occupied by renters: 29.2%
- Median rental unit size: 4.4 rooms
- Median household income: $71,396
- Total population: 147,800
27. Charleston, WV
Source: BSPollard / iStock Editorial via Getty Images
- Median monthly rent, 2022: $816
- Median rent as pct. of household income: 27.6%
- Households occupied by renters: 31.1%
- Median rental unit size: 4.7 rooms
- Median household income: $53,157
- Total population: 250,554
26. Decatur, AL
- Median monthly rent, 2022: $813
- Median rent as pct. of household income: 26.5%
- Households occupied by renters: 23.3%
- Median rental unit size: 4.8 rooms
- Median household income: $60,663
- Total population: 157,425
25. Erie, PA
Source: zrfphoto / iStock via Getty Images
- Median monthly rent, 2022: $812
- Median rent as pct. of household income: 29.7%
- Households occupied by renters: 30.3%
- Median rental unit size: 4.5 rooms
- Median household income: $56,094
- Total population: 267,689
24. Owensboro, KY
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $807
- Median rent as pct. of household income: 25.8%
- Households occupied by renters: 28.3%
- Median rental unit size: 4.5 rooms
- Median household income: $66,211
- Total population: 120,304
23. Weirton-Steubenville, WV-OH
- Median monthly rent, 2022: $806
- Median rent as pct. of household income: 31.5%
- Households occupied by renters: 27.3%
- Median rental unit size: 5.0 rooms
- Median household income: $58,076
- Total population: 114,066
22. Cape Girardeau, MO-IL
Source: Roberto Galan / iStock Editorial via Getty Images
- Median monthly rent, 2022: $804
- Median rent as pct. of household income: 29.3%
- Households occupied by renters: 35.6%
- Median rental unit size: 4.3 rooms
- Median household income: $60,315
- Total population: 95,449
21. Kingsport-Bristol, TN-VA
Source: J. Michael Jones / iStock Editorial via Getty Images
- Median monthly rent, 2022: $804
- Median rent as pct. of household income: 26.2%
- Households occupied by renters: 25.2%
- Median rental unit size: 4.6 rooms
- Median household income: $52,887
- Total population: 310,483
20. Florence, SC
Source: felixmizioznikov / iStock Editorial via Getty Images
- Median monthly rent, 2022: $803
- Median rent as pct. of household income: 36.3%
- Households occupied by renters: 35.5%
- Median rental unit size: 4.5 rooms
- Median household income: $50,219
- Total population: 199,119
19. Gadsden, AL
- Median monthly rent, 2022: $796
- Median rent as pct. of household income: 28.3%
- Households occupied by renters: 26.7%
- Median rental unit size: 4.6 rooms
- Median household income: $57,098
- Total population: 103,088
18. Altoona, PA
Source: catnap72 / iStock via Getty Images
- Median monthly rent, 2022: $796
- Median rent as pct. of household income: 29.0%
- Households occupied by renters: 30.1%
- Median rental unit size: 4.8 rooms
- Median household income: $58,022
- Total population: 121,032
17. Morristown, TN
Source: Dee / iStock Editorial via Getty Images
- Median monthly rent, 2022: $795
- Median rent as pct. of household income: 28.0%
- Households occupied by renters: 24.7%
- Median rental unit size: 4.5 rooms
- Median household income: $59,099
- Total population: 146,172
16. Enid, OK
Source: BOB WESTON / iStock via Getty Images
- Median monthly rent, 2022: $792
- Median rent as pct. of household income: 25.5%
- Households occupied by renters: 34.2%
- Median rental unit size: 4.9 rooms
- Median household income: $55,131
- Total population: 61,920
15. Wheeling, WV-OH
Source: ChrisBoswell / iStock via Getty Images
- Median monthly rent, 2022: $787
- Median rent as pct. of household income: 34.7%
- Households occupied by renters: 26.6%
- Median rental unit size: 4.8 rooms
- Median household income: $56,218
- Total population: 136,708
14. Hickory-Lenoir-Morganton, NC
Source: traveler1116 / iStock via Getty Images
- Median monthly rent, 2022: $780
- Median rent as pct. of household income: 27.7%
- Households occupied by renters: 25.2%
- Median rental unit size: 4.3 rooms
- Median household income: $60,209
- Total population: 368,347
13. Mansfield, OH
- Median monthly rent, 2022: $774
- Median rent as pct. of household income: 27.7%
- Households occupied by renters: 30.7%
- Median rental unit size: 4.5 rooms
- Median household income: $53,047
- Total population: 125,319
12. Decatur, IL
Source: benkrut / iStock via Getty Images
- Median monthly rent, 2022: $774
- Median rent as pct. of household income: 26.5%
- Households occupied by renters: 27.0%
- Median rental unit size: 4.2 rooms
- Median household income: $60,332
- Total population: 101,483
11. Dothan, AL
Source: miroslav_1 / iStock Editorial via Getty Images
- Median monthly rent, 2022: $774
- Median rent as pct. of household income: 26.6%
- Households occupied by renters: 29.8%
- Median rental unit size: 4.8 rooms
- Median household income: $58,054
- Total population: 152,517
10. Fort Smith, AR-OK
Source: peeterv / iStock via Getty Images
- Median monthly rent, 2022: $765
- Median rent as pct. of household income: 25.7%
- Households occupied by renters: 33.6%
- Median rental unit size: 4.3 rooms
- Median household income: $49,980
- Total population: 246,751
9. Pine Bluff, AR
Source: Public Domain / Wikimedia Commons
- Median monthly rent, 2022: $763
- Median rent as pct. of household income: 35.6%
- Households occupied by renters: 32.6%
- Median rental unit size: 4.8 rooms
- Median household income: $44,263
- Total population: 84,460
8. Parkersburg-Vienna, WV
Source: DenisTangneyJr / E+ via Getty Images
- Median monthly rent, 2022: $761
- Median rent as pct. of household income: 30.0%
- Households occupied by renters: 24.5%
- Median rental unit size: 4.8 rooms
- Median household income: $55,222
- Total population: 89,559
7. Carbondale-Marion, IL
Source: wellesenterprises / iStock via Getty Images
- Median monthly rent, 2022: $754
- Median rent as pct. of household income: 29.6%
- Households occupied by renters: 37.1%
- Median rental unit size: 4.2 rooms
- Median household income: $55,289
- Total population: 132,563
6. Danville, IL
- Median monthly rent, 2022: $743
- Median rent as pct. of household income: 28.0%
- Households occupied by renters: 34.7%
- Median rental unit size: 4.5 rooms
- Median household income: $51,515
- Total population: 72,337
5. Beckley, WV
Source: hkim39 / iStock via Getty Images
- Median monthly rent, 2022: $735
- Median rent as pct. of household income: 33.1%
- Households occupied by renters: 27.2%
- Median rental unit size: 4.7 rooms
- Median household income: $52,633
- Total population: 112,369
4. Youngstown-Warren-Boardman, OH-PA
- Median monthly rent, 2022: $725
- Median rent as pct. of household income: 27.7%
- Households occupied by renters: 28.9%
- Median rental unit size: 4.6 rooms
- Median household income: $54,506
- Total population: 535,499
3. Johnstown, PA
Source: WilliamSherman / iStock via Getty Images
- Median monthly rent, 2022: $691
- Median rent as pct. of household income: 29.5%
- Households occupied by renters: 24.8%
- Median rental unit size: 4.7 rooms
- Median household income: $54,905
- Total population: 131,441
2. Cumberland, MD-WV
Source: DenisTangneyJr / iStock via Getty Images
- Median monthly rent, 2022: $670
- Median rent as pct. of household income: 31.5%
- Households occupied by renters: 27.9%
- Median rental unit size: 4.8 rooms
- Median household income: $54,618
- Total population: 94,122
1. Anniston-Oxford, AL
Source: Allard1 / iStock via Getty Images
- Median monthly rent, 2022: $669
- Median rent as pct. of household income: 26.5%
- Households occupied by renters: 28.1%
- Median rental unit size: 4.5 rooms
- Median household income: $52,819
- Total population: 115,788
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