Yahoo Finance 8 Most Affordable Rental Markets for Families of Four on the East Coast
Record-high home prices have pushed many U.S. families into the rental market, but even that’s not exactly cheap these days. The average rent in the United States was $1,713 a month as of March 2024, according to RentCafe. That represents about 35% of the nation’s median monthly earnings of $4,953 — above the 30% rent-to-income rule many experts recommend.
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Rental prices are especially high in many East Coast metro areas. This applies not only to the usual suspects such as New York City, Boston, Washington, D.C., and Miami — but also to smaller cities like Jersey City, New Jersey; Charleston, South Carolina; and Providence, Rhode Island.
If you’re looking for inexpensive rental markets on the East Coast, you’ll need to point your GPS south. Real estate listing platform Redfin recently examined affordable places to live on the East Coast based partly on rental prices, and the vast majority were in the Southeast.
Here are eight of the most affordable rental markets for families of four on the East Coast, based on Redfin’s analysis as well as rental data from RentCafe. All cities are located in states that border the Atlantic Ocean and offer rents below the national average.
Baltimore, Maryland
Average rent: $1,550 a month
Median household income: $58,349
Baltimore offers plenty to do thanks to its famous harbor and a downtown area filled with shops, museums, historic sites and markets.
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Pittsburgh, Pennsylvania
Average rent: $1,511
Median household income: $60,187
Landmarks here include the Carnegie Museum of Art, Carnegie Museum of Natural History, Phipps Conservatory and Botanical Gardens. Locals also enjoy exploring Market Square (which dates to 1764) and Point State Park.
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Greensboro, North Carolina
Average rent: $1,264
Median household income: $55,051
Centrally located in North Carolina’s Piedmont region, Greensboro is home to the International Civil Rights Center & Museum, Blandwood Museum, Weatherspoon Art Museum, Greensboro Arboretum and a downtown that features an eclectic mix of shops and restaurants.
Jacksonville, Florida
Average rent: $1,499
Median household income: $64,138
This Atlantic coastal city offers Florida’s famous sunny beaches as well as a vibrant arts/culture scene and plenty of outdoor recreational activities.
Richmond, Virginia
Average rent: $1,483
Median household income: $59,606
Located just a couple of hours south of Washington, D.C., Richmond is an undersvalued gem known for its historic landmarks, parks, foodie scene and hip Carytown district, where you’ll find unique shops and eateries.
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Virginia Beach, Virginia
Average rent: $1,644
Median household income: $87,544
In addition to its beaches, Virginia Beach offers popular spots such as the Virginia Aquarium & Marine Science Center, Virginia Beach Boardwalk and Back Bay National Wildlife Refuge.
Charlotte, North Carolina
Average rent: $1,628
Median household income: $74,070
North Carolina’s biggest city has a vibrant arts scene and emerging culinary scene, along with a diverse mix of center-city neighborhoods that include Fourth Ward, NoDa, South End, Plaza Midwood and Dilworth. Locals also enjoy Freedom Park, the U.S. National Whitewater Center and the Levine Museum of the New South.
Raleigh, North Carolina
Average rent: $1,577
Median household income: $78,631
North Carolina’s capital and second-biggest city is located in the famous Triangle area, which is known for its excellent universities, high-tech industry and thriving arts and culinary scenes. Popular spots include the North Carolina Museum of History, William B. Umstead State Park, Warehouse District and Raleigh Farmers Market.
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This article originally appeared on GOBankingRates.com: 8 Most Affordable Rental Markets for Families of Four on the East Coast
