Best Places to Be a Renter

DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 22, 2016

For a renter, the best place to live is Little Rock, Ark., according to a new study by data firm Axiometrics, which looked at 28 metro areas nationwide to see where rents are the most affordable.

Axiometrics took a look at the metros that boast the lowest rent-to-household income ratio. Here are the top eight most affordable places for renters.

Little Rock, Ark.
Rent-to-household income ratio: 16.5%
Average monthly effective rent: $735
Salt Lake City
Rent-to-household income ratio: 17.1%
Average monthly effective rent: $977
Las Vegas
Rent-to-household income ratio: 17.2%
Average monthly effective rent: $861
Indianapolis
Rent-to-household income ratio: 17.3%
Average monthly effective rent: $791
Kansas City, Mo.-Kan.
Rent-to-household income ratio: 17.3%
Average monthly effective rent: $884
Albuquerque, N.M.
Rent-to-household income ratio: 17.7%
Average monthly effective rent: $799
Phoenix
Rent-to-household income ratio: 17.7%
Average monthly effective rent: $891
Dallas
Rent-to-household income ratio: 18.2%
Average monthly effective rent: $1,057
On the other hand, the least affordable market Axiometrics found were New York (where rent-to-income ratio was 53.8%). New York has been the least affordable of any of the 28 metros since 1997, according to Axiometrics. Rents there average $2,970.

Other markets on the bottom of the affordability list for rentals were Los Angeles (43.7% rent-to-income ratio); San Francisco (42.1%); Miami (41.3%); and Oakland, Calif. (34.1%).

Source: “The Most (And Least) Affordable Metro Areas to Rent an Apartment,” Forbes (Jan. 20, 2016)

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