Affluent Savvy
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Where is the cheapest rent in the United States?

Overall, renters have experienced a 15% increase in housing costs since February 2021. As mortgage rates rise, it becomes more expensive to buy, which boosts demand for rentals and allows landlords to charge more. Tulsa, Oklahoma has the cheapest rent in the U.S.

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Despite rising gas and grocery prices, housing remains the biggest cost to Americans, according to data from Morning Consult. Housing accounted for 35% of all consumer spending in February 2022, with the average American shelling out $1,151. Not all Americans are being affected equally, though. Members of Gen Z reported the largest increase in housing prices, with their monthly spending rising 34% from last year. Those earning less than $50,000 experienced the largest increase in housing prices, compared to middle-income and high-income earners. Overall, renters have experienced a 15% increase in housing costs since February 2021. And as mortgage rates rise, it becomes more expensive to buy, meaning homeownership gets more and more out of reach. That in turn boosts demand for rentals and allows landlords to charge more. “Rents are up $284 per month through February as well, making it much harder for renters to save up for the largest hurdle to home ownership — the down payment,” says Zillow spokesperson Mark Stayton. Even with recent increases, there are major cities that still offer reasonable rents. Here are the top 10 cities where rent is cheapest for a two-bedroom property, according to furniture shopping site Living Cozy.

10. Raleigh, North Carolina

Average rent: $1,298

9. Fresno, California

Average rent: $1,217

8. Louisville, Kentucky

Average rent: $1,197

7. Omaha, Nebraska

Average rent: $1,166

6. Albuquerque, New Mexico

Average rent: $1,053

5. Oklahoma City, Oklahoma

Average rent: $1,044

4. Memphis, Tennessee

Average rent: $1,042

3. Tucson, Arizona

Average rent: $1,032

2. El Paso, Texas

Average rent: $1,020

1. Tulsa, Oklahoma

Average rent: $895

If you don’t want to relocate but rent in your city continues to climb, be sure to communicate with your landlord. Some tenants are able to negotiate payment plans. Landlords might also give you a deal for signing a longer lease.

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What is the cheapest state for property?

1 cheapest state to buy a house in 2022: Iowa. Iowa came in at the top of the list with the lowest average median household income it takes to be able to afford a house. The largest housing markets in the Midwestern state include Des Moines, Iowa City, and Cedar Rapids.

According to Homebuyer.com, Iowa is the cheapest state to buy a house in right now. In August, Homebuyer.com used the median household income and the median home price in each state to determine the most affordable states in the U.S. to buy a house in 2022. The list ranked each state based on the average percent of income it takes to cover monthly mortgage costs — from lowest to highest.

No. 1 cheapest state to buy a house in 2022: Iowa

Median home price: $147, 800 Median household income: $79,500 Estimated monthly mortgage payment: $702 Percentage income to PMT: 10.6% Iowa came in at the top of the list with the lowest average median household income it takes to be able to afford a house. The largest housing markets in the Midwestern state include Des Moines, Iowa City, and Cedar Rapids.

Top 10 cheapest states to buy a house in 2022

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