WalletHub has ranked cities based on the percentage of income that residents spend on rent and found that residents of Bridgeport and New Haven spend some of the highest percentages of their earnings compared to other cities across the country.
In an effort to figure out which cities have the most affordable rent, WalletHub said it analyzed the median annual gross rent in more than 180 cities and compared it to the median household income.
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WATCH HEREWalletHub found that Bridgeport resident spend 29.8% of their income on rent and ranked the city 177th. It found that New Haven residents spend 32.18% percent of income on rent and ranked it 180th.
You can see the full report here.
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SIGN UP Lowest percentage of income spent
1. Bismarck, ND (15.34%)
2. Sioux Falls, SD (15.95%)
3. Cheyenne, WY (16.09%)
4. Cedar Rapids, IA (16.36%)
5. Fargo, ND (16.65%)
6. Charleston, WV (16.70%)
7. Casper, WY (16.72%)
8. Overland Park, KS (16.81%)
9. Juneau, AK (17.45%)
10. Anchorage, AK (17.76%)
Highest percentage of income spent
Local
173. Jackson, MS (28.25%)
174. Oceanside, CA (28.26%)
175. Birmingham, AL (28.31%)
176. Orlando, FL (28.58%)
177. Bridgeport, CT (29.80%)
178. Glendale, CA (29.84%)
179. Detroit, MI (31.35%)
180. New Haven, CT (32.18%)
181. Newark, NJ (32.96%)
182. Miami, FL (33.48%)
“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. 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,” Chip Lupo, a WalletHub analyst, said in a statement.
How to save on rent
WalletHub offered seven tips for saving money on rent.
- Pick a smaller or less fancy apartment:
- The larger your living space is and the more amenities it has, the more it’s going to cost you in rent. Giving up some comforts now can help you save money and enjoy better living conditions in the future.
- Improve your budgeting skills:
- Learning how to budget properly is key for ensuring that you have enough money to afford your monthly rent in addition to your other expenses. In addition, if you’re interested in owning rather than renting someday, you should budget money each month toward an eventual down payment, after prioritizing your basic needs and paying down existing debt.
- Get a roommate:
- When you live with someone, you can split rent and utility costs with them. Just make sure you live with someone trustworthy who will always have their share of the rent on time.
- Look for units with included utilities:
- Utilities like electricity, water and oil/gas can add quite a bit to your monthly expenses. However, you may be able to save money by renting a place where utility costs are built into the rent, no matter how much you actually use.
- Shop around:
- Looking at several different places to rent before deciding on one can help you pick the one that’s most cost effective.
- Take care of your living space:
- If your rented apartment or house is clean and undamaged when you move out, you’ll be able to get your security deposit back in full.
- Get a rent-controlled unit:
- Some places have limits on how much landlords can charge for rent and on how much they can increase rent year-to-year. However, this is relatively rare, as only seven states currently have rent regulations in some cities.
