The Most Affordable Places to Rent in 2024 Have Something in Common

It’s no secret that the cost of housing is out of control. Even though rental prices dropped slightly in 2024, rent prices are still 20% higher than they were in 2019. Meanwhile, nearly half of renters are still cost-burdened, meaning that they spend more than 30% of their income on housing. But while the national picture is bleak, in many cities, and even neighborhoods within those cities, rent is not as unaffordable. But which ZIP codes have the most affordable rents for the people that live there?

CashNetUSA, a financial company that offers payday loans, recently published a study showing the 15 most affordable ZIP codes for renters in 2024.

The study compares the average annual rent with the local median household income, which is similar to how the Department of Housing of Urban Development (HUD) calculates whether housing is affordable in a given area — by determining if average rent prices are less than 30% of the area median income (AMI).

These were the 15 most affordable ZIP codes for renters in 2024:

1. Leawood, Kansas, 66224 (closest to Kansas City, Missouri)

2. Overland Park, Kansas, 66221 (closest to Kansas City, Missouri)

3. West Bloomfield, Michigan, 48324 (closest to Detroit, Michigan)

4. San Antonio, Texas, 78248

5. Pittsburgh, Pennsylvania, 15228

6. Urbandale, Iowa, 50323 (closest to Des Moines, Iowa, 50323)

7. Northville, Michigan, 48168 (closest to Detroit, Michigan)

8. Brandon, South Dakota, 57005 (closest to Sioux Falls, South Dakota)

9. Bellaire, Texas, 77401 (closest to Houston, Texas)

10. Lewis Center, Ohio, 43035 (closest to Columbus, Ohio)

11. Farmington, Michigan, 48335 (closest to Detroit, Michigan)

12. Houston, Texas, 77094

13. Oak Park, Illinois, 60304 (closest to Chicago, Illinois)

14. Allen, Texas, 75013 (closest to Dallas, Texas)

15. Mandan, North Dakota, 58554 (closest to Bismarck, North Dakota)

Notably, all of these ZIP codes are either located within major cities, or are in a suburb of a major city. This demonstrates the financial benefit of renting in an affordable suburb while being in close proximity to the job opportunities that are offered in major cities.

“One common factor about the ZIP codes identified as the most affordable in the study is their median household incomes,” says Matt Pelkey, content strategy manager for Enova International, the parent company of CashNetUSA.

CashNetUSA used census data to evaluate median household incomes, and the Zillow Observed Rent Index (ZORI) to determine rent costs in a given area.

“Most of the places in the top 15 have higher median household incomes compared to the national average. In fact, 12 of the 15 most affordable ZIP codes have incomes over $100,000. This makes rent costs a smaller percentage of income, improving affordability.”

CashNetUSA used census data to evaluate median household incomes and the Zillow Observed Rent Index [ZORI] to determine rent costs in a given area.

Pelkey also explained that these ZIP codes are in regions that offer moderate rent prices and are located in mostly suburban areas, which typically means rent will be lower than in urban centers. 

Three major cities came up multiple times on this list: Kansas City, Detroit, and Houston. All three of these cities have experienced notable population growth in recent years. Both Kansas City and Houston experienced population growth that outpaced the national average. Detroit, on the other hand, saw in 2023 the city’s first population increase since 1957.

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