Finding an affordable place to rent can be challenging, but there are still cities in the U.S. offering reasonable rental prices compared to household incomes. In this article, we’ll explore the most affordable rental cities in 2024, offering relief to renters who want to avoid cost burdens. By focusing on cities where rent is a manageable percentage of income, we can identify locations that provide better affordability for individuals and families.
10 Most Affordable Rental Cities in the USA
1. Oklahoma City, OK
Oklahoma City tops the list of the most affordable rental cities in the U.S. in 2024. With an average rent of $1,040 per month, residents in Oklahoma City spend only 18.2% of their household income on rent. This city offers a vibrant lifestyle without breaking the bank, making it a great choice for families and young professionals alike.
2. Columbus, OH
Columbus, Ohio, is another city that boasts affordable rent. The average rent is $1,231 per month, and renters spend about 18.9% of their income on housing. Columbus offers a growing job market and a variety of entertainment options, making it an attractive destination for those seeking affordability and opportunity.
3. Austin, TX
Although Austin has been known for its rising housing costs, rental affordability has improved in 2024. With an average rent of $1,535, residents spend approximately 19.5% of their income on rent. Austin’s tech industry and cultural scene make it a desirable location, and its improving rental affordability keeps it competitive.
4. Minneapolis, MN
Minneapolis offers an average rent of $1,557, with renters spending about 19.8% of their household income on housing costs. The city’s thriving arts scene, parks, and educational institutions provide added value to residents looking for a balance between lifestyle and affordability.
5. Kansas City, MO
Kansas City is well-known for its affordable cost of living, and rental prices are no exception. With an average rent of $1,357, renters spend around 20.2% of their income on housing. The city’s revitalized downtown and strong community ties make it a prime choice for budget-conscious renters.
6. Indianapolis, IN
Indianapolis rounds out the top six cities, offering an average rent of $1,324 per month. Residents spend about 20.7% of their income on rent, making this city a hub of affordability. Indianapolis is home to a growing economy, a variety of cultural attractions, and a reasonable cost of living.
7. St. Louis, MO
St. Louis offers an appealing combination of affordable rents and a growing economy. The average rent is $1,250, with renters dedicating 21% of their income to housing. The city’s deep historical roots, cultural diversity, and job opportunities make it an excellent option for affordable living.
8. Cincinnati, OH
Cincinnati, another Ohio city, offers a lower cost of living with rents averaging $1,280 per month. Residents spend about 21.5% of their income on rent. The city’s affordable housing market, along with its bustling riverfront and entertainment districts, attracts many looking for cost-effective options.
9. Cleveland, OH
Cleveland offers an average rent of $1,220, with residents spending around 21.8% of their household income on housing. Known for its sports culture, museums, and waterfront views, Cleveland continues to be a top option for those seeking affordability without compromising on quality of life.
10. Louisville, KY
Finally, Louisville, Kentucky, offers some of the most affordable rental options, with an average rent of $1,300 per month. Renters spend around 22% of their income on housing. Louisville’s growing arts scene, thriving bourbon industry, and Southern charm make it an affordable and attractive option for renters.
Finding the most affordable rental cities in 2024 can make a significant difference in managing housing costs. As the Realtor.com report highlights, cities like Oklahoma City, Columbus, and Austin provide excellent rental affordability, where rent takes up less than 30% of household income. Whether you’re a young professional, a family, or a retiree, these cities can offer you affordable options for comfortable living.
