REPORT: Florida’s best city for rent is still among the worst in America

ORLANDO, Fla. – This week, WalletHub has ranked metros across the nation on rent affordability.

But despite being the best in the state, one Florida city still lags behind much of the country.

The study compared 182 of the most populated U.S. cities based on the media annual gross rent as a share of the median annual household income.

According to WalletHub analyst Chip Lupo, the most affordable cities allowed renters to cut down on living expenses, allowing them to put more money toward savings for homeownership.

“In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to nearly 34% in the most expensive cities,” WalletHub analyst Chip Lupo wrote. “This gives people in the least expensive cities a clear financial advantage.”

Per researchers, the most affordable city for renters turned out to be Bismarck, North Dakota; followed by Sioux Falls, South Dakota (No. 2), and Cedar Rapids, Iowa (No. 3).

“People in Bismarck, ND, have the most affordable rent as a percentage of their income. The median annual gross rent in the city is around 15.3% of the median annual income. For comparison, Miami residents spend more than double that, or 33.8% of their income.

Bismarck has the 16th-lowest median annual rent among the more than 180 cities in our study, but the 80th-highest median income, which is why their rent-to-income ratio is so low."

WalletHub, "Cities With the Most Affordable Rent"

But in the Sunshine State, the top-ranked city was determined to be Jacksonville — though it came in all the way down at No. 125.

Experts said that Jacksonville’s median annual rent made up over 25% of the median annual household income.

Meanwhile, the rest of Florida’s cities ranked as follows: