Cost of living has increased dramatically

The cost of living has increased dramatically in most parts of the US and finding affordable apartments is a challenge. In North America, it is no surprise that West and East coasts have the highest cost of living.

With this increase in cost of living and the fact that wages are not increasing nearly as fast, problems for renters are accelerating. There is a nationwide shortage of affordable housing but there are some areas within the US where apartment rentals are aligned with the cost of living.

For example, CNBC reported that Oklahoma City, OK is the number one place to live where the cost of living is lower compared to the annual income. In Oklahoma City, the average annual income is $72,385 while the median monthly rent is only $1,070 and the cost of annual necessities is $18,701.

Wallethub found the best and worst places to rent based on affordability and quality of life and broke it out into a map. Below is a map of their findings. The map key is numbered 1 - 182. 1 being the best place to rent and 182 being the worst.

Overall, according to their methodology, the best place to rent based on rental market affordability and quality of life is Phoenix, AZ. The worst place to rent is Detroit, Michigan. From their research on affordable rental housing, they found that Huntsville, AL was the number 1 place to rent as it relates to cost but the quality of life was relatively low at 121. The most expensive place to rent based on affordability is Hialeah, FL with an index of 182. 

Depending on where you want to live, there are cheap apartments for rent that can be found. There is always a trade-off however. Do you want a better quality of life like maybe Hawaii but pay a larger percentage of your income on rental housing or would you rather live in a less desirable place and pay a smaller percentage of your income on housing?