Home sales in the United States have soared during the COVID-19 pandemic – reaching a 15-year high of 6.1 million in 2021. The surge in demand, coupled with falling inventories, exerted a upward pressure on house prices. Renters have not been spared as housing has become a major driver of soaring inflation in the United States.
According to the Economic Policy Institute, a nonprofit think tank, a single adult can expect to pay about $11,026 for housing in 2022. This amount, however, varies across the country, from state to state. another and from one city to another.
Using data from PPE’s Family Budget Calculator, 24/7 Wall St. identified the metropolitan area with the lowest housing costs in each state. Metropolitan areas are ranked on 2022 estimates of housing and utility costs for a modest studio.
It’s important to note that four states – Delaware, New Hampshire, Rhode Island and Vermont – each have only one metropolitan area. As a result, the metropolitan area of these locations ranks as having the lowest housing costs by default only.
Among the metropolitan areas on this list, housing costs for a single adult range from around $5,400 to $15,850, and in most cases are more than $1,000 lower than housing costs in the United States. entire state. Lower housing costs in these places often reflect what residents can afford. The majority of metro areas on this list have a median household income below the state median. Here’s a look at the income needed to be middle class in each state.
Home values also tend to be lower in areas with low housing costs, and in most metro areas on this list, the median home value is lower than the comparable median nationwide. State. Here’s a look at the mortgage rate in America every year since 1972.
Click here to see the metropolitan area with the lowest housing costs in each state
Click here to read our detailed methodology