Data services firm Axiometrics revealed eight places that are best suited for renters. Little Rock, Ark. tops the list for its hard to beat affordability.
According to Realtor Mag, the firm submitted a report based on a study of 28 metropolitan areas nationwide to find out where the most affordable places to rent an apartment is. The study listed the top eight most inexpensive places for renters and is based on locations that have the lowest rent-to-household income ratio.
2016 is seen by many as a benchmark year for renters everywhere and these places are going to be a dream destination for people who don't have money to buy a home: First on the rank is Little Rock, Ark. With a rent-to-household income ratio of 16.5 percent and with an average monthly effective rent of $735. The second on the list is Salt Lake City, with 17.1 percent and an average monthly rent of $977. The next is Las Vegas 17.2 percent and an average monthly rent of $861. Indianapolis is fourth on the list with 17.3 percent and an average monthly rent of $791. Next is Kansas City, Mo.-Kan. with 17.3 percent and with an average monthly rent of $884. Albuquerque, N.M., is ranked sixth in the list with 17.7 percent and an average monthly effective rent of $799. Phoenix has 17.7 percent and an average monthly rent of $891. The eighth spot belongs to Dallas with 18.2 percent and an average monthly rent of $1,057.
However, according to Axiometrics, New York is the most expensive place among the 28 hubs that offers and promotes rent since 1997. It has a rent-to-household income of 53.8 percent and with an average rent of $2,970.
Meanwhile, in the report by Forbes, based on last year's statistics, Little Rock, Ark, Salt Lake, Las Vegas and Indianapolis were the most affordable places to rent. On the other hand, the least affordable areas to rent last year are New York which has a rent-to-household ratio income of 53.8 percent, Los Angeles has 43.7 percent followed by San Francisco 42.1 percent, Miami has 41.3 percent and Oakland has 34.1 percent.
