North Dakota cities lead U.S. rent affordability ranking as WalletHub study highlights lower cost markets
Rental affordability continues to vary widely across U.S. cities, with a new ranking showing a cluster of lower-cost markets in the Midwest and Mountain West. Across the 31 most affordable cities in the study, renters spend an average 18.5% of income on rent, below the 23.46% average for all cities measured.
Highlights
- Bismarck, North Dakota leads WalletHub's ranking with renters spending only 15.29% of income on rent, the lowest among 182 U.S. cities.
- Cities such as Sioux Falls, Cedar Rapids, Charleston, Fargo, Cheyenne, and Juneau all report rent burdens below 17%, highlighting a cluster of affordable markets.
- A significant affordability gap persists, with renters in Miami, Detroit, and Newark spending up to 33.8% of income on rent, over twice Bismarck’s rate.
WalletHub ranking identifies lowest-rent burden cities
As reported by WalletHub, the study ranks 182 U.S. cities, including the 150 most populous nationwide and at least two of the most populous in each state, by the share of income renters spend on housing. The analysis uses U.S. Census Bureau data on median annual gross rent and median household income for each city surveyed.Bismarck, North Dakota, tops the list, with renters spending 15.29% of income on rent. It is followed by Sioux Falls, South Dakota, at 16.35%, Cedar Rapids, Iowa, at 16.48%, Charleston, West Virginia, at 16.56%, and Fargo, North Dakota, at 16.94%.
Other cities near the top include Cheyenne, Wyoming, Juneau, Alaska, Casper, Wyoming, Anchorage, Alaska, and Overland Park, Kansas. The ranking also includes larger markets such as Seattle, Plano, Oklahoma City, and Des Moines, all with rent burdens below 20% in the study.
Affordability gap remains wide across U.S. rental markets
WalletHub's methodology focuses on how much of household income goes to rent, using a 30% threshold often cited as a benchmark for affordability. Maggie Rong Hu, an assistant professor of real estate at Baruch College in New York, says in the study that keeping rent below 30% of median income helps renters cover other essential living costs.The figures underline a sizable gap between lower-cost and higher-cost rental markets. In the most expensive cities in the study, including Miami, Detroit, and Newark, renters can spend as much as 33.8% of income on rent, more than double the share recorded in Bismarck.
Our earlier article on New York’s proposed pied-à-terre tax outlined how city and state officials are moving toward a levy on non-primary homes valued above $5 million, aiming to raise about $500 million a year. We noted the measure could affect roughly 13,000 luxury properties, while questions around valuation and identifying beneficial owners through trusts or LLCs may complicate enforcement.
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