Where’s the most affordable place to rent an apartment in the country? It’s Danville, Illinois, according to a new study by RefiGuide.org.
The study looked at how much income the average renter had left after paying rent each month. In Danville, the average renter would have 81 percent of his or her income left over, topping RefiGuide’s list.
What’s most interesting about the company’s list is that the most affordable rental markets are largely in the Midwest. In fact, eight of the 10 most affordable rental markets are Midwest cities.
Bloomington, Illinois, came second on RefiGuide’s list, with renters having an average of 78.4 percent of their income left after paying rent each month. Kokomo, Indiana, ranked third, with renters having an average of 76.1 percent of their rent left, while Springield, Illinois, ranked sixth (74.9 perent), the Carbondale-Marion region of Illinois came in seventh (74.4 percent), Jefferson City, Missouri, took the eighth spot (74.3 percent), Saginaw, Michigan, spot number nine (74.2 percent) and Springfield, Ohio, came in 10th (74.1 percent).
Midwest cities – Ames, Iowa; Fond du Lac, Wisconsin; and Peoria, Illinois – also ranked 11th, 12th and 13th on the list.
According to RefiGuide.org, the median annual income in top-ranked city Danville is $35,590, while the median monthly rent is $564. The median annual rent in Danville is $6,768, according to the study. The amount of income the average Danville renter has for the year after paying rent, then, comes out to $28,822, or 81 percent.