With rent payments taking up as much as 33 percent of the median income in some cities, the personal-finance website WalletHub recently released its report on “Cities with the Most Affordable Rent,” which highlighted where people can find the biggest financial reprieve.
To determine the cities where rent is the most affordable, WalletHub analyzed the median annual gross rent in more than 180 cities, then compared it to the median household income.
As to cities with the lowest percent of income spent, those locations are Bismarck, N.Dak. (15.34 percent), Sioux Falls, S.Dak. (15.95 percent), Cheyenne, Wyo., (16.09 percent), Cedar Rapids, Iowa., (16.36 percent) Fargo, N.Dak.., (16.65 percent), Charleston, W. Va., (16.70 percent) Casper, Wyo., (16.72 percent), Overland Park, Kans., (16.81 percent) Juneau, Alaska (17.45 percent), and Anchorage, Alaska. (17.76 percent).
Cities with the highest percentage of income spent were Jackson, Miss., (28.25 percent) Oceanside, Calif., (28.26 percent) Birmingham, Ala., (28.23 percent), Orlando, Fla., (28.58 percent), Bridgeport, Conn., (29.80 percent) Glendale, Calif., (29.84 percent) Detroit, Mich., (31.35 percent) New Haven, Conn, (32.18 percent), Newark, N.J. (32.96 percent), and Miami, Fla. (33.48 percent).