As a renter, your housing costs can change at the whim of your landlord or because of local market forces. In major cities and hot markets, you may quickly find that the place you rented three years ago for $1,400 is now closer to $2,000 – and no longer in your budget. In a 2017 report, the Bureau of Labor Statistics (BLS) found that the cost of rent increased by 6.1% in 2016, which means that many Americans are in a precarious position of spending too much of their income on housing.
The good news is, you do have other options. While cities like New York and San Francisco lead the way on cost-of-renting increases, there are a host of other cities, big and small, that offer both affordable rents and plenty of jobs. Using data compiled from the US Census Bureau and the Bureau of Labor Statistics, we found cities of many sizes that have it all: affordable rent, a growing population, and healthy industry demonstrated by a low unemployment rate.
If you’re ready to take back control of your housing costs, consider one of these fifteen cities that will offer you a more comfortable, and sustainable, cost of living.
Read more: Should I Rent or Buy a House?
1. Orlando, Florida
Census 2010 Population: 238,300
Median Rent: $1,040
Median Household Income: $44,007
Rent-to-Income Ratio: 28%
Number of Companies: 37,544
Unemployment Rate: 3.4%
Orlando offers a lot if you are interested in working for a major company and enjoy year-round sunshine. Tourism is a huge industry in Orlando due to theme parks, but downtown Orlando is home to a growing number of businesses and has seen a revival in recent years. With multiple colleges nearby, and rental options available from downtown lofts to single-family homes, Orlando is a great opportunity for people of all ages, and families of all sizes.
2. Atlanta, Georgia
Census 2010 Population: 420,003
Median Rent: $998
Median Household Income: $49,398
Rent-to-Income Ratio: 24%
Number of Companies: 64,593
Unemployment Rate: 4.3%
Atlanta balances southern charm and an urban attitude and has been one of the fastest growing cities in America. Filmmakers and media companies call Atlanta home, as do healthcare, insurance, and other white-collar industries. With one of the busiest airports in the world, Atlanta is also a hub for the aeronautics industry.
3. Dallas, Texas
Census 2010 Population: 1,197,816
Median Rent: $888
Median Household Income: $45,215
Rent-to-Income Ratio: 23.5%
Number of Companies: 142,658
Unemployment Rate: 3.7%
No matter how you feel about cowboy hats, Dallas is an urban center that offers everything from top restaurants to an arts scene looking to rival that of the coasts’. You’ll get good weather, and most importantly, affordable rents allowing you to save money for your future.
4. Charlotte, North Carolina
Census 2010 Population: 731,424
Median Rent: $966
Median Household Income: $55,599
Rent-to-Income Ratio: 21%
Number of Companies: 81,973
Unemployment Rate: 4.3%
Charlotte has seen a big population rise in recent years, in part because it is an affordable place to live, with a pleasant climate and plenty of job opportunities. You’re also only hours away from vacation and commercial hubs on the east coast.
5. Phoenix, Arizona
Census 2010 Population: 1,445,632
Median Rent: $914
Median Household Income: $49,328
Rent-to-Income Ratio: 22%
Number of Companies: 124,033
Unemployment Rate: 4.4%
If saving money is one of your primary concerns, living in Phoenix can help you find affordable rents – but you’ll also find things like groceries are cheaper there too. Weather is comfortable all year long, although summers can be hot.
6. Cincinnati, Ohio
Census 2010 Population: 296,943
Median Rent: $662
Median Household Income: $34,629
Rent-to-Income Ratio: 23%
Number of Companies: 26,855
Unemployment Rate: 4%
Cincinnati is affordable both for renters and for some-day home buyers. It also balances a big-city feel with open community initiatives related to the arts and other cultural institutions.
7. San Antonio, Texas
Census 2010 Population: 1,327,407
Median Rent: $882
Median Household Income: $48,183
Rent-to-Income Ratio: 22%
Number of Companies: 117,546
Unemployment Rate: 3.4%
San Antonio is one of the largest cities in the country, but its rent remains lower than comparable areas. Significant industries in the area range from health care to finance and San Antonio is also a hub for arts communities, offering you both affordable rent and plenty of access to culture.
8. Nashville, Tennessee
Census 2010 Population: 601,222
Median Rent: $902
Median Household Income: $49,891
Rent-to-Income Ratio: 21.6%
Number of Companies: 68,228
Unemployment Rate: 2.7%
Nashville has had incredible job growth in recent years, as evidenced by a low unemployment rate. Home to Vanderbilt University and major healthcare companies – not to mention an around-the-clock music scene – residents don’t have to pony up nearly as much of their income as you might think.
9. Fort Wayne, Indiana
Census 2010 Population: 253,691
Median Rent: $681
Median Household Income: $44,449
Rent-to-Income Ratio: 16%
Number of Companies: 20,502
Unemployment Rate: 3.3%
For most people, the ideal ratio of how much you pay in rent to how much you make each month will be around 30%, which makes Fort Wayne’s 16% very attractive to those who wish to save money while still enjoying a fulfilling life.
10. Columbus, Ohio
Census 2010 Population: 787,033
Median Rent: $856
Median Household Income: $47,156
Rent-to-Income Ratio: 22%
Number of Companies: 67,994
Unemployment Rate: 3.8%
Living in Ohio’s capital city has its perks, including an affordable balance between rent and income and a healthy job market. Major industries include healthcare, finance, and insurance. And of course, Ohio State University offers a gorgeous campus and research opportunities – and did they mention football?
11. Lubbock, Texas
Census 2010 Population: 229,573
Median Rent: $854
Median Household Income: $45,499
Rent-to-Income Ratio: 22.5%
Number of Companies: 20,334
Unemployment Rate: 3.1%
Lubbock is home to Texas Tech, some of the country’s best barbecue, and rock legend Buddy Holly. Different areas of the city offer different vibes, and you’re only a drive away from New Mexico’s national parks.
12. Las Vegas, Nevada
Census 2010 Population: 583,756
Median Rent: $985
Median Household Income: $50,882
Rent-to-Income Ratio: 23%
Number of Companies: 55,856
Unemployment Rate: 5.2%
If you want sunshine and reasonable rent, Las Vegas can bring excitement into your everyday. The unemployment rate is a bit higher than other cities on the list, but because Vegas offers so many options for employment, including seasonal work, this number can be hard to nail down.
13. Lincoln, Nebraska
Census 2010 Population: 258,379
Median Rent: $750
Median Household Income: $51,126
Rent-to-Income Ratio: 17.6%
Number of Companies: 22,687
Unemployment Rate: 2.6%
In Lincoln, the capital of Nebraska, don’t expect to find cornfields – expect to find a variety of restaurants, cultural organizations, and entertainment choices. And did we mention the incredibly low rents and money-saving opportunities you’ll find?
14. Oklahoma City, Oklahoma
Census 2010 Population: 579,999
Median Rent: $793
Median Household Income: $50,070
Rent-to-Income Ratio: 19%
Number of Companies: 58,815
Unemployment Rate: 3.6%
Rent is low in Oklahoma City, but so are home prices, making it an attractive place to grow with a family. With a median household income higher than other comparable areas, but rents significantly lower, you’ll be spending about as little of your income on housing as possible.
15. Omaha, Nebraska
Census 2010 Population: 408,958
Median Rent: $819
Median Household Income: $50,827
Rent-to-Income Ratio: 19%
Number of Companies: 37,664
Unemployment Rate: 3.1%
You’ll find affordable rents in Omaha, with jobs that pay better than the national average. Omaha is also home for college students and many other young people, so there’s no shortage of entertainment options.
If your goal is to save money, it might be time to consider relocating to one of these cities. You won’t sacrifice quality of life, but you will have access to growing job markets, higher-than-average pay, and rents that will allow you to enjoy life without sacrificing your income to housing
