Mortgage and rent prices have risen faster than the rate of US median income. This has left first time home buyers in a tough spot and left to either rent a place with a roommate, move back home or find another affordable living situation all together. Some cities are far more affordable than others and this US map from the team at HousingList.com lays bare the discrepancy between the most and least affordable cities for rent across the United States.
Many of the most affordable cities can be found in middle America. Wichita, Kansas is number one of the list of most affordable with an average rent for a one bedroom apartment at $690 per month. Other nearby cities to Wichita that all in the most affordable places to live are Oklahoma City, Oklahoma, Lincoln, Nebraska, Omaha, Nebraska, Des Moines, Iowa and Lubbock, Texas. Many of the least affordable cities can be found near the east and west coasts. New York city is at the top spot with a average rent of $3,866 for a one bedroom apartment. This averages about 69% of the average income that goes to a years’ worth of rent. Miami, Florida is another expensive coastal city, coming in at number two with an average rent of $2,510. Boston, Massachusetts, Newark, New Jersey, Santa Ana, California, and San Diego, California are also on the least affordable side for rent. How much of your income are you putting towards your housing every month? What would a low rent or mortgage allow you to do better?