These Are the Most Affordable Metros for Renters — But What About Their Housing Markets?

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Aerial View of Minneapolis and the Mississippi river in summer.

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Rent has increased a staggering 32.8% overall since the beginning of the pandemic.

More specifically,single-family rent has risen 39.6%.

Minneapolis, the most affordable, sees 20.4% of median income spent on rent.

That value is only marginally higher for Raleigh, at 21.3%.

According toZillow, the median home sale price in Minneapolis is $324,933.

The median rent in Minneapolis for a single bedroom apartment is $1,463, according toZillows Rental Manager.

The median home sale price in Salt Lake City is $562,000.

Using the previous calculation, the total monthly payment would be $3,306.

The median rent in Salt Lake city is $1,757.

The median home sale price in Saint Louis is $203,333.

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This translates to a total monthly payment of $1,262.

Meanwhile, the median rent is $1,249.

This means a potential homebuyer would only need to spend about 1.04% more each month.

According to Zillow, the median rent in Austin is $1,689.

Going from renter to homeowner would require 91.1% more for monthly housing.

Raleighs median home sale price is $429,667.

The total monthly payment comes out to $2,730.

The median rent is $1,535, which results in an increase of 77.9% per month.