Around 34% of U.S. households are rentals, and that number is creeping up as more people delay putting down roots, in part due to remote work and a more nomadic lifestyle. Rental prices have dropped slightly, but they are still 20.1% higher than back in 2019. Wages have outpaced inflation, giving renters some breathing room, but affordable rent—defined as costing less than 30% of your income—varies greatly by zip code. A new study by CashNetUSA has determined which U.S. zip codes are the most affordable for renters.
CashNetUSA analyzed more than 300 U.S. cities, crunching the numbers from Census data and Zillow’s Rent Index then ranking zip codes by rent-to-income ratios. The cheapest places to rent? Two Kansas neighborhoods take the crown. In Leawood (66224), you can rent for just 10.57% of a hefty $172,829 average household income. A stone’s throw away in Overland Park (66221), rents are a smidge higher, but so are incomes, keeping affordability at a comfy 11.03%. If you’re making less than $100K, Brandon, South Dakota (57005), is your dream zip. With an average household income of $76,958, locals spend only 13.51% on rent.
The study also ranked the most affordable zip code in every state and in major cities around the U.S. In New York, the city of East Northport (11731) on Long Island has rents making up just 15.51% of local incomes. California boasts the unfortunate stat of having the only U.S. cities with a population over 100,000 with zero homes available to rent for under 30% of the local average income. That would be Irvine and Carlsbad. As for cities, Los Angeles has no zip codes with rents under 30% of income. The most affordable zip in L.A. is 90045, east of Playa Del Rey in Westchester, where the average rent costs 30.92% of the local average income.
CashNetUSA also created a handy calculator to help you figure out how much rent you should pay based on your income to stick to the 30% rule. Find the calculator and the full list of affordable zips by state and city here.
Most affordable zip codes to rent in the U.S.
- Leawood, KS 66224
- Overland Park, KS 66221
- West Bloomfield, MI 48324
- San Antonio, TX 78248
- Pittsburgh, PA 15228
- Urbandale, IA 50323
- Northville, MI 48168
- Brandon, SD 57005
- Bellaire, TX 77401
- Lewis Center, OH 43035