Major U.S. Census Bureau surveys show that 2014 marked 10 years of consecutive renter household growth. And, according to the Housing Vacancy Survey, this trend is on track to continue. More people are choosing to rent, even as they enter their “home-buying” years.
One common reason is the high cost of owning. In 2013, American housing prices began to see a slow but steady increase. They have not yet returned to pre-recession peak prices, but that’s where they are headed.
Additionally, some popular cities are experiencing a sharper increase than others. In San Francisco, for example, the tech boom and geographically confined region create a high-demand, low-supply scenario that is driving housing prices through the roof.
For those looking to pay less for housing, the experts at FindTheHome are here to help. Using data from the 2014 American Community Survey, they looked at cities with populations greater than 15,000 people and found the cheapest city to live in each state.
Ranked no 20: Cumberland, Maryland
Gross Median Rent: $581 per month
Average Per Capita Income: $19,982