Wichita, Kansas is the most affordable U.S. city for single renters, according to new report
In December, a report was released ranking the most and least affordable U.S. cities for single renters. The report used statistics such as median non-family household income, median advertised prices for studio rentals, year-over-year price changes, and population count.
The most affordable city for single renters was found to be Wichita, Kansas. With a median studio rent of $565 per month and a median non-family income of $38,412, single renters in Wichita can expect to spend just 17.65% of their annual income on rent.
Minneapolis, Minnesota, ranked as the second most affordable city for single renters. The median studio rent is less than $1,000 monthly, equating to 20.43% of annual income. Minneapolis also ranked as the second most friendly city for single female renters.
New York City was identified as the least affordable city for single renters. With a median studio rent of $3,308 per month and a median non-family household income of $55,810, single renters in New York spend about 71.13% of their income on rent.
Miami, Florida, was the second least affordable city for single renters. The median studio rent is $1,986 per month, accounting for 48.81% of the median non-family income.
While New York City and Miami are considered to be the least affordable cities for single renters, Miami has experienced a growth in interest from companies and individuals during the pandemic. Several tech and finance companies relocated to Miami, leading to a rise in housing prices.