A new study found that Springfield, Ohio will be the No. 10 most affordable rental market in the U.S. in 2020 with residents having 74.1% of their salary leftover after rent. The national average is 60%. Four other Ohio cities and metro areas were on the list:
With most financial experts saying a person should limit housing costs to less than one-third of their income, finding an affordable place to live is a huge concern.
RefiGuide.org released a study on the Most Affordable Rental Markets in America for 2020 after analyzing 400 cities using the latest data from the Bureau of Labor Statistics on median annual wages and rental value data from real estate marketplace Zillow.
Here are key findings from Ohio:
- In Springfield, median rent value is $761 per month, and the median full-time wage is $35,300 per year.
- Youngstown-Warren-Boardman, Mansfield, Lima, and Canton-Massillon were 19th, 21st, 32nd, and 42nd, respectively.
Here are key national findings:
- 10 most affordable markets are: Danville, Bloomington, Johnstown (PA), Kokomo (IN), Portsmouth (NH), Springfield, Carbondale-Marion, Jefferson City (MO), Saginaw (MI) and Springfield (OH).
- The Midwest was the most well-represented region, accounting for 29 of the 50 most affordable markets. Only one Western city was on the list, while the South had 15 and the Northeast five.
- Illinois appears on the list more times than any other state with its six cities, but Ohio was home to five of the cities, while Arkansas, Iowa, Michigan, Missouri, Pennsylvania and Wisconsin all had three.