New York has been ranked as the least affordable state for single renters, with average one-bedroom apartment rent consuming a staggering 42.56% of their annual income, according to a new study by Agent Advice.
The research analyzed rental data from Zillow and compared it to the median income of single-person households in every state. While North Dakota was crowned the most affordable state, where rent only takes up 15.07% of income, New York topped the list as the least renter-friendly.
The average one-bedroom rent in New York is $2,452.25 per month, amounting to $29,426.99 annually. With a median single-person income of $69,135, New Yorkers spend nearly half their earnings just to keep a roof over their heads. The state edged out California, where rent costs 39.39% of income, and Massachusetts, where 38.45% of earnings go toward housing.
In stark contrast, states like North Dakota, Kansas, and South Dakota offer significant relief for single renters. Rent in these states requires less than 17% of a renter’s annual income, providing far more financial flexibility. For instance, the average monthly rent in North Dakota is just $838.88, or $10,066.50 per year, compared to a median income of $66,813.
A spokesperson for Agent Advice highlighted the growing disparity in housing affordability nationwide. “As rent continues to rise across the U.S., it’s becoming increasingly difficult for single renters to find a property that fits in their budget,” they said. “States like North Dakota and Kansas offer greater financial breathing room, while high-rent states like New York and California stretch budgets to the breaking point.”
The findings underline the challenges singles face in navigating the country’s uneven housing market, as states vary widely in rent costs relative to income. The report calls attention to the pressing need for more equitable housing options, especially in regions where rent consumes an unsustainable portion of income.
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