Where Are the Most and Least Affordable US Single-Family Rental Markets?

Examining Rent-to-Income-Ratios by U.S. Metros Since wages are higher in more expensive areas than those in low-cost markets, a more accurate measure of rent affordability is the rent-to-income ratio, which is the portion of income that must be set aside for housing costs each month – regardless of the rent or income level. U.S. Census Bureau data shows that more than 1.4 million people moved to Florida from other states in 2021 and 2022, which has fueled the increasing cost of housing there. Similarly, with a population of more than 2 million and a median household income of $65,198, Cleveland is another of the country’s most affordable rental markets, with the average household spending about 24% on housing costs.