In 2023, the real median gross cost of renting grew faster than real median home values. This is the first time that has happened in a decade, according to the 2023 American Community Survey from the U.S. Census Bureau. The real median gross cost of renting includes the costs of the actual rent plus the average monthly cost of utilities and fuels, adjusted for inflation.
The Census Bureau reports that real rent costs grew by less than 3% from 2011 to 2019, and 2022 only saw an increase of 1%. In 2023, however, costs grew by 3.8%, compared to the 1.8% increase for median home values.
In the slideshow above, we’ll look at the ten U.S. cities where rent is most affordable, according to Clever.
Cautious renters will also need to factor in the cost of rental insurance on top of these expenses. According to NerdWallet, renters insurance premiums in the U.S. average $148 annually, or about $12 per month, though that fluctuates based on the area.
Residents in North Dakota, South Dakota, Minnesota, Nebraska and Iowa enjoy the lowest renters insurance premiums in the U.S., WalletHub reports. States with the most expensive renters premiums include Texas ($232 per year), Louisiana ($235 per year), Alabama ($235 per year), Oklahoma ($236 per year) and Mississippi ($258 per year).
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
