Small and Mid-Sized Cities Lead in Affordable Rentals and Home Purchases in US

Overall, rental costs have risen by more than 50 percent over the past 10 years.

A 'For Rent' sign stands outside a single-family home in Denver, Colo., on Feb. 10, 2024. David Zalubowski/AP Photo

For the second year in a row, Bismarck, North Dakota, has been named America’s most affordable city for rentals, according to a just-released report by Wallet Hub.

Renters in North Dakota’s capital pay just 15.3 percent of their annual income on rent, and the city offers the 20th lowest median annual rent among the 180 cities included in the report. This compares to Miami, where residents spend about 33.5 percent of their income on rent.