The Bronx, New York is the Least Affordable Place for Renters

NEW YORK - Oct. 30, 2019 - PRLog -- AdvisorSmith, a leading information resource for small business owners, published a study today detailing the least and most affordable places in America for renters.

The study, based upon data from the US Census Bureau and the US Department of Housing and Urban Development, ranked 827 US counties on their affordability for renters based upon the following criteria:

• Median household income
• Average number of occupants per household
• Weighted median rent for households

Key Findings

• The most affordable county in the nation was Oldham County, Kentucky, a suburb of the Louisville metropolitan area. 9 of the top 10 most affordable counties were in midwestern states, with four of them being in Ohio.

• The least affordable county was Bronx County, New York, which is coterminous with the borough of the Bronx in New York City. The top 10 least affordable counties were all located in California, Florida, New York City or the Boston metropolitan area.

• Rent-to-income ratios were as low as 10.9% of household income in Oldham County, KY, up to a high of 64.5% of income in the Bronx, NY.

Top 3 Most Affordable Counties for Renters

1. Oldham County, KY

Median Household Income: $102,033
Average Household Size: 2.97
Weighted Median Monthly Rent: $923.93
Rent-to-Income Ratio: 10.9%

2. Hamilton County, IN

Median Household Income: $100,209
Average Household Size: 2.67
Weighted Median Monthly Rent: $948.93
Rent-to-Income Ratio: 11.4%

3. Cole County, MO

Median Household Income: $63,568
Average Household Size: 2.44
Weighted Median Monthly Rent: $622.32
Rent-to-Income Ratio: 11.7%


Top 3 Least Affordable Counties for Renters

1. Bronx County, NY

Median Household Income: $38,467
Average Household Size: 2.74
Weighted Median Monthly Rent: $2066.66
Rent-to-Income Ratio: 64.5%

2. Miami-Dade County, FL

Median Household Income: $52,205
Average Household Size: 3.03
Weighted Median Monthly Rent: $1764.40
Rent-to-Income Ratio: 40.6%

3. Kings County, NY

Median Household Income: $61,220
Average Household Size: 2.62
Weighted Median Monthly Rent: $2035.58
Rent-to-Income Ratio: 40%

To view the original report and see the rest of the 50 most and least affordable counties for renters:

https://advisorsmith.com/data/most-and-least-affordable-p...

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.