Sioux Falls Is America’s Most Affordable Metro Area To Rent
You don't have to look very hard to see the future of living in Sioux Falls.
Almost every corner of the city has either recently opened or is in the process of building several sizable apartment complexes.
And as it turns out, South Dakota's largest city is the most ideal place to rent in America.
Lawn Love has Sioux Falls at the top of its list of the Least Expensive Metro Areas for Renters in all 50 states.
And while at $1,028 per month, the average rent in the city isn't the lowest in the country, the share of renters who are burdened by their rent payments is among the smallest in America.
That's the good news.
The bad news? Nearly 40 percent of renters (39.8%) in Sioux Falls are in the 'burdened' category, which gives you an idea of just how high rent is across the country.
Overall, the average Sioux Falls rent is the 16th lowest among the biggest 172 housing markets from coast to coast. Over in Iowa, Des Moines has the fifth-best rate at 41.7%.
South Dakota's largest city trails only Fayetteville-Springdale-Rogers, Arkansas for the lowest share of cost-burdened renters.
Sioux Falls does have the best Cost Inflators Rank, which factors in things like insurance and foreclosures.
Further down the top ten places for the least rent are one city each from Minnesota and Iowa.
St. Cloud is fifth overall with an average rent of $1,036 and a cost-burdened rate of 43.5%.
Davenport, which is part of the Quad Cities market, is tenth with an average rent of $902 and a burden rate of 44.4%.
LEAST EXPENSIVE METROS FOR RENTERS
- Sioux Falls, South Dakota
- Huntsville, Alabama
- Lake Charles, Louisiana
- Wichita, Kansas
- St. Cloud, Minnesota
- Fort Wayne Indiana
- Ogden/Clearfield, Utah
- Louisville/Jefferson County, Kentucky/Indiana
- Fayetteville/Springdale/Rogers Arkansas
- Davenport/Moline/Rock Island, Iowa/Illinois
As for the most expensive places for renters, it's no surprise that the New York metro area is number one at an average of $2,016 per month.
MOST EXPENSIVE METROS FOR RENTERS
- New York/Newark/Jersey City, New York/New Jersey
- Miami/Fort Lauderdale/Pompano Beach, Florida
- Oxnard/Thousand Oaks/Ventura, California
- San Diego/Chula Vista/Carlsbad, California
- Honolulu, Hawaii
- Los Angeles/Long Beach/Anaheim, California
- Napa, California
- Naples/Marco Island, Florida
- Washington DC/Arlington Virginia
- Bridgeport/Stamford/Norwalk, Connecticut