Summary
Zillow conducted an analysis of rental markets and found 13 major U.S. metropolitan areas where over a third of apartments rent for under $1,000. Most affordable rentals were found in the Midwest and South, with Wichita, Kansas, having the highest percentage. The study noted the challenge of saving for a home due to increasing home and rental prices.
Key Facts
- Zillow found 13 major metros with over one-third of apartments renting for less than $1,000.
- Wichita, Kansas, has the highest share with 54% of rentals under $1,000.
- McAllen, Texas, also has more than half of rentals priced below $1,000.
- Rent has gone up with an average of $2,023 for all property types in the U.S.
- Renters need to save 5% of their income for 8.7 years to make a 10% down payment on a home.
- Rental affordability is better in areas like Ogden, Utah, where high income meets lower rent.
- Places like Miami and New York have fewer affordable apartments relative to income.
