Average Rent By State

Balancing the economics of the housing market is a complex issue across the United States, with the average household spending one-third of its budget on housing costs. However, what often gets overlooked is the stark variation in average rent imposed by each state, and the economic and social forces at play which form the changing landscape of rentership in America. Here we highlight the regional disparities that underscore the diverse economic and societal factors at play.

Key findings from the data include:

• The most expensive median rent is found in Hawaii, standing at a staggering $2,036, followed closely by Massachusetts at $1,770, and California at $1,677. These are regions boasting high living standards, but also high costs of living that place significant pressure on renters.
• On the other end of the scale, Arkansas stands as the most affordable state with median rent at $752, almost 63.8% less than that of Hawaii.
• There is a clear regional pattern when we examine the top ten states with the highest median rents - eight of them are located either on the east coast or the west coast. This coastal trend suggests that geographic attractiveness, better job prospects, and higher living standards come with a hefty price tag in terms of rent.
• Garnering insights from the bottom ten states, we can observe that the Midwest and the South host the majority of these states. These regions traditionally host lower rental and living costs, factoring in lower incomes and fewer big cities.