Rents have soared in the past decade, up an average of 50%. And with stagnating wages and fears of a recession, many Americans are feeling burdened by housing costs as they go to pay rent every month.
But not every city is unaffordable.
WalletHub set out to find the cities with the most affordable rents — ones where the median gross rent is less than 20% of the annual household income.
“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,” said WalletHub analyst Chip Lupo.
“This gives people in the least expensive cities a clear financial advantage; the money they save on rent could go toward their emergency fund or savings for future home ownership,” he added.
Continue reading to see which 10 cities have the most affordable rents.
