A new report from WalletHub ranks the U.S. cities with the most affordable rent.
The report, released in April, looked at more than 180 cities and analyzed the median annual gross rent compared to the median household income using data from the U.S. Census Bureau. Each city was then given a score out of 100.
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WATCH HERE"In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to more than 33% in the most expensive cities," Chip Lupo, a writer and analyst at WalletHub, states in the report.
"This gives people in the least expensive cities a clear financial advantage; the money they save on rent could go toward their emergency fund or savings for future home ownership."
The top 10 cities are all west of the Mississippi River, with the top five all in the Midwest.
"There's something in the water west of the Mississippi," Lupo tells CNBC Make It. "We're talking about states with very few, if any, major cities, and with few of the problems that would drive up rents. It seems that if you're looking for an affordable place to rent, heading west seems to be the way to go."
Bismarck, North Dakota is the U.S. city with the most affordable rent
Money Report
Total score: 100.00
Bismarck, North Dakota, ranked as the U.S. city with the most affordable rent. The median annual gross rent in the city is about 15.3% of the median annual income.
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SIGN UP The city also has the 20th-lowest median annual rent and the 73rd-highest median income. The average rent in Bismarck, ND is $1,023 per month as of April 2025.
This, Lupo says, makes Bismarck an attractive place.
Bismarck is the capital of North Dakota and the second-most populous in the state, after Fargo.
The city has a lower unemployment rate, 3.2%, than the national average of 4.2%, according to a March 2025 report from the Bureau of Labor Statistics.
The median household income in Bismarck is $89,020, according to U.S. News and World Report.
The 10 U.S. cities with the most affordable rent
- Bismarck, N.D.
- Sioux Falls, S.D.
- Cheyenne, Wyo.
- Cedar Rapids, Iowa
- Fargo, N.D.
- Charleston, W. Va
- Casper, Wyo.
- Overland Park, Kan.
- Juneau, Ala.
- Anchorage, Ala.
Sioux Falls, South Dakota, ranked as the second-most affordable city for rent, with a score of 96.64 out of 100.
The median annual rent in Sioux Falls is only slightly more expensive than in Bismarck. The average rent for an apartment in Sioux Falls is $1,107.
"Sioux Falls and Bismarck are pretty much in the same boat. Their mean annual rents are reasonable and the median household incomes are about on par with the U.S. averages," Lupo says.
The city is is one of the cheapest in the country and has the 88th-highest median annual income.
The median income in Sioux Falls, South Dakota, is a bit lower than Bismarck's at $74,714, according to the U.S. Census Bureau. The unemployment rate in the city is 2.1%.
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