US home sales have soared during the COVID-19 pandemic – reaching a 15 years a.m.top of 10.1kmlion in 2021. Soaring demand, coupled with falling inventory, has put upward pressure on house prices. Tenants have not been separateded, as housing has become a major driver of soaring inflation in the United States.
According to the Institute of Economic Policya nonprofit think tank, a family of four — two adults and two children — can expect to pay about $15,031 for housing in 2022. This amount, however, varies across the country, from state to another and from one city to another.
Using data from PPE’s Family Budget Calculator, 24/7 Wall St. identified the metro area in each state where families pay the least for housing. Metro areas are ranked on 2022 estimates of housing and utility costs for a modest two-bedroom rental.
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 family of four range from around $8,100 to nearly $21,300. In all but seven metro areas on this list, housing costs are lower than the state as a whole — and in most cases, by $1,500 or more. Here is an overview of the cities where the middle class can no longer afford housing. Lower housing costs in these places often reflect what residents can afford. Most metro areas on this list have a median family income below the statewide comparable median. Here’s a look at the income needed to be middle class in each state.
Click here to see the city with the lowest housing costs in each state
Click here to read our detailed methodology