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The Most Affordable U.S. Cities for Rent on an Average Salary

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A chart listing the most affordable U.S. cities.

The Most Affordable U.S. Cities for Rent on an Average Salary

In 2023, 34% of the 131 million households in the U.S. lived in rented homes.

But which U.S. cities are the most affordable to rent in? The question isn’t just about cost, but about the average salary in each city, and some cities in expensive-seeming states turn out to be relatively affordable.

To answer the question, CashNetUSA found rental price data (as of August 2023) from Zillow.com and compared it to city salary data to calculate the percentage of properties available to rent for 30% or less of the local average income.

Ranked: Most Affordable American Cities for Renters

Ranked first, nearly 97% of the available rentals in Hartford can be rented for an affordable rate, based on average income.

This might be a surprising statistic. Connecticut was the richest U.S. state (by per capita income) for nearly three decades till 2019, and has one of the highest costs of living in the U.S.

However, it’s important to note that this data deals with averages instead of medians. For example, according to data from the Bureau of Labor Statistics, the average hourly wage for a Hartford resident—across all occupations—is slightly more than $33/hour, or close to $70,000 a year. Its median wage is almost $8/hour lower, which comes in at $53,000 a year.

Richer residents, with higher incomes might be skewing the apparent affordability of available rentals.

Note: Data current as of August, 2023.

Toledo and Akron, ranked second and third, have similar rates of affordability, with 95% of their available rentals falling within 30% of the city’s average wage. In fact Ohio has the most number of cities in the top 20, with Waterbury ranked 17th.

Detroit and Rockford round out the top five most affordable cities in the U.S. for renters. Both cities have affordable housing markets, after the Great Recession caused the local economies to tank, in turn causing an increase in crime and decline in population. Post-pandemic, however, both cities are on the rebound with an influx of industries, jobs, and people.

Where Does This Data Come From?

Source: CashNetUSA

Methodology: CashNetUSA sourced the average base salary of U.S. cities focusing on the 100 most populated cities in the country, plus the five most populated cities from each state. Using Zillow.com, they then counted how many rental properties per city were listed at a monthly price equivalent to 30% or less of a city’s monthly gross salary. The number of rental properties available per city was converted into a percentage score per city. Data for this research is accurate as of August 2023.

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Visualizing Global IPOs in 2024, by Country

India led global IPO volumes in 2024, while U.S. IPOs generated the highest proceeds.

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This infographic visualizes global IPO volumes and proceeds by country in 2024

Visualizing Global IPOs in 2024, By Country

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Despite economic uncertainties and geopolitical challenges, global initial public offering (IPO) markets remained relatively healthy in 2024.

Newly-listed companies benefited from the positive momentum in global stock markets, with interest rate cuts and technological advancements boosting overall investor sentiment.

This infographic highlights the strongest IPO markets of 2024 based on the number of IPOs and proceeds generated, by country. The data is from Ernst and Young’s (EY) Global IPO Trends Report.

Which Countries Had the Most IPOs in 2024?

In addition to the U.S. and Europe, key emerging markets led global IPO activity in 2024.

India had a record-breaking year, with the highest IPO volume and proceeds generated in history, thanks to strong economic growth and corporate earnings in the first half of the year.

CountryNumber of IPOsIPO Proceeds (US$ billions)
🇮🇳 India 327$19.9B
🇺🇸 United States 183$32.8B
🇪🇺 Europe (ex. UK) 115$18.2B
🇨🇳 China 98$8.9B
🇯🇵 Japan 84$6.2B
🇰🇷 South Korea 75$2.9B
🇭🇰 Hong Kong 64$10.7B
🇲🇾 Malaysia 49$1.7B
🇸🇦 Saudi Arabia 42$4.3B
🇬🇧 UK 10$0.9B

Of the 327 Indian IPOs, more than 200 fell in the small and medium enterprise (SME) IPO category. The largest IPOs included Hyundai Motor India ($3 billion) and local food delivery platform Swiggy ($1.3 billion).

The U.S. claimed the top spot in proceeds at $32.8 billion despite significantly lower IPO volume. It also remained the leading international IPO market, with foreign companies making up 101 or 55% of its listings.

While most markets delivered double-digit IPO returns, Chinese mainland IPOs outperformed, averaging a 123.9% return in 2024. Interestingly, 33 Chinese companies were listed on U.S. exchanges in 2024.

Breaking Down 2024’s Global IPOs by Sector

IPO activity in 2024 was concentrated in a few high-growth sectors, led by:

  • Technology, Media & Telecom (TMT): The largest sector by IPO volume and proceeds, driven by AI and semiconductor companies.
  • Industrials: Infrastructure, automotive, and logistics companies saw strong IPO momentum.
  • Consumer Goods & Services: Retail and e-commerce IPOs continued to attract strong investor interest.

Together, these three sectors accounted for 60% of total IPOs worldwide, both in volume and proceeds. In the United States, most IPOs (44) were in the health and life sciences sector, followed by the TMT sector (36).

With central banks signaling continued monetary easing in 2025, global IPO markets are expected to remain buoyant, particularly in the AI, clean energy, and digital finance sectors.

Learn More on the Voronoi App

The health and life sciences sector led U.S. IPO volumes in 2024, and IPOs from this sector have delivered high returns historically. See The Best Performing U.S. IPOs of 2023 on the Voronoi app to learn more.

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