For the first time in the nation’s history, median rents crossed $2,000. According to a report from real estate listing site Redfin, the median rent on all apartments listed nationwide rose 15% nationwide compared to a year ago. For those millions of Americans who do not have the stability afforded to them through homeownership, rising rent, along with inflation and other pandemic-related causes that have driven up housing costs, will take a serious financial toll.
A little over one-third of U.S. housing units are rented. While many associate homeownership with economic stability, renting is often a safer choice, granting more flexibility. In addition, in cities across much of the country, for a large share of residents, particularly young ones, renting is the only financially feasible choice.
To determine the 50 ZIP codes with the lowest rental rates, 24/7 Wall St. reviewed housing data from the U.S. Census Bureau’s 2020 American Community Survey. Nationwide, 35.6% of housing units are rental properties. Among the 50 ZIP codes on this list, that figure ranges from 3.9% to an estimated 0.0% of housing units. Michigan has by far the most places on this list, with 11. New York is second, with five. Just under half of the 50 ZIP codes are in the Midwest, and there are 15 in the Northeast.
The ability to afford buying a home appears to be a major reason many of these ZIP codes have such low housing units occupied by renters. The U.S. median household income is $64,994. All but one of the places on this list have a higher typical household income, including ZIP 02468, which is one of just a handful of ZIP codes across the country to have a median household income in excess of $250,000. These are the most affordable U.S. metro areas for commuters.
Click here to see the US neighborhoods where the fewest people rent
50. 11565
> Location: Malverne, New York
> Rental occupied housing units: 3.9%
> Median rental cost: $1,839 — 1,007th highest of 17,935 ZIP codes (tied)
> Median home value: $478,600 — 1,767th highest of 17,993 ZIP codes (tied)
> Median household income: $130,664 — 642nd highest of 18,048 ZIP codes
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49. 48070
> Location: Huntington Woods, Michigan
> Rental occupied housing units: 3.9%
> Median rental cost: $2,232 — 372nd highest of 17,935 ZIP codes (tied)
> Median home value: $372,200 — 2,895th highest of 17,993 ZIP codes (tied)
> Median household income: $150,114 — 324th highest of 18,048 ZIP codes
24/7 Wall St.
48. 06231
> Location: N/A
> Rental occupied housing units: 3.9%
> Median rental cost: N/A
> Median home value: $299,900 — 4,347th highest of 17,993 ZIP codes (tied)
> Median household income: $137,885 — 500th highest of 18,048 ZIP codes
47. 07922
> Location: New Providence, New Jersey
> Rental occupied housing units: 3.8%
> Median rental cost: $2,242 — 361st highest of 17,935 ZIP codes (tied)
> Median home value: $633,500 — 971st highest of 17,993 ZIP codes
> Median household income: $178,563 — 120th highest of 18,048 ZIP codes
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46. 49323
> Location: N/A
> Rental occupied housing units: 3.8%
> Median rental cost: $856 — 7,803rd lowest of 17,935 ZIP codes (tied)
> Median home value: $203,700 — 7,806th highest of 17,993 ZIP codes (tied)
> Median household income: $81,037 — 4,194th highest of 18,048 ZIP codes
45. 02468
> Location: Newton, Massachusetts
> Rental occupied housing units: 3.8%
> Median rental cost: N/A
> Median home value: $1,309,000 — 120th highest of 17,993 ZIP codes
> Median household income: $250,000+ — the highest of 18,048 ZIP codes (tied)
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43. 46164
> Location: Princes Lakes, Indiana
> Rental occupied housing units: 3.8%
> Median rental cost: $850 — 7,648th lowest of 17,935 ZIP codes (tied)
> Median home value: $195,400 — 8,217th highest of 17,993 ZIP codes (tied)
> Median household income: $81,680 — 4,098th highest of 18,048 ZIP codes
43. 80116
> Location: Franktown, Colorado
> Rental occupied housing units: 3.8%
> Median rental cost: N/A
> Median home value: $653,300 — 883rd highest of 17,993 ZIP codes
> Median household income: $106,309 — 1,613th highest of 18,048 ZIP codes
42. 01770
> Location: N/A
> Rental occupied housing units: 3.8%
> Median rental cost: $1,039 — 6,824th highest of 17,935 ZIP codes (tied)
> Median home value: $790,500 — 556th highest of 17,993 ZIP codes
> Median household income: $216,406 — 28th highest of 18,048 ZIP codes
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41. 49301
> Location: Forest Hills, Michigan
> Rental occupied housing units: 3.7%
> Median rental cost: $1,384 — 3,225th highest of 17,935 ZIP codes (tied)
> Median home value: $386,400 — 2,675th highest of 17,993 ZIP codes
> Median household income: $143,221 — 410th highest of 18,048 ZIP codes
40. 22039
> Location: Crosspointe, Virginia
> Rental occupied housing units: 3.7%
> Median rental cost: $3,500+ — the highest of 17,935 ZIP codes (tied)
> Median home value: $832,900 — 481st highest of 17,993 ZIP codes
> Median household income: $214,663 — 29th highest of 18,048 ZIP codes
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39. 19734
> Location: Townsend, Delaware
> Rental occupied housing units: 3.7%
> Median rental cost: $1,245 — 4,352nd highest of 17,935 ZIP codes (tied)
> Median home value: $342,800 — 3,478th highest of 17,993 ZIP codes (tied)
> Median household income: $111,006 — 1,325th highest of 18,048 ZIP codes
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38. 46259
> Location: Indianapolis, Indiana
> Rental occupied housing units: 3.7%
> Median rental cost: $1,264 — 4,192nd highest of 17,935 ZIP codes (tied)
> Median home value: $226,600 — 6,825th highest of 17,993 ZIP codes (tied)
> Median household income: $111,773 — 1,288th highest of 18,048 ZIP codes
37. 04001
> Location: Acton, Maine
> Rental occupied housing units: 3.6%
> Median rental cost: $779 — 5,891st lowest of 17,935 ZIP codes (tied)
> Median home value: $216,400 — 7,224th highest of 17,993 ZIP codes (tied)
> Median household income: $54,194 — 6,822nd lowest of 18,048 ZIP codes (tied)
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36. 48762
> Location: Hubbard Lake, Michigan
> Rental occupied housing units: 3.6%
> Median rental cost: $1,275 — 4,093rd highest of 17,935 ZIP codes (tied)
> Median home value: $135,500 — 5,381st lowest of 17,993 ZIP codes (tied)
> Median household income: $44,875 — 3,333rd lowest of 18,048 ZIP codes (tied)
35. 60175
> Location: Campton Hills, Illinois
> Rental occupied housing units: 3.5%
> Median rental cost: $2,416 — 234th highest of 17,935 ZIP codes
> Median home value: $399,600 — 2,519th highest of 17,993 ZIP codes (tied)
> Median household income: $157,236 — 256th highest of 18,048 ZIP codes
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34. 73078
> Location: Piedmont, Oklahoma
> Rental occupied housing units: 3.5%
> Median rental cost: $896 — 8,703rd lowest of 17,935 ZIP codes (tied)
> Median home value: $233,700 — 6,531st highest of 17,993 ZIP codes (tied)
> Median household income: $84,238 — 3,737th highest of 18,048 ZIP codes
24/7 Wall St.
33. 07746
> Location: Robertsville, New Jersey
> Rental occupied housing units: 3.4%
> Median rental cost: $2,545 — 177th highest of 17,935 ZIP codes
> Median home value: $565,100 — 1,292nd highest of 17,993 ZIP codes (tied)
> Median household income: $166,725 — 183rd highest of 18,048 ZIP codes
32. 21131
> Location: Cockeysville, Maryland
> Rental occupied housing units: 3.4%
> Median rental cost: $1,778 — 1,201st highest of 17,935 ZIP codes (tied)
> Median home value: $544,200 — 1,395th highest of 17,993 ZIP codes (tied)
> Median household income: $148,010 — 353rd highest of 18,048 ZIP codes
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31. 54169
> Location: Sherwood, Wisconsin
> Rental occupied housing units: 3.4%
> Median rental cost: $1,013 — 7,198th highest of 17,935 ZIP codes (tied)
> Median home value: $264,900 — 5,347th highest of 17,993 ZIP codes (tied)
> Median household income: $113,125 — 1,216th highest of 18,048 ZIP codes
30. 49302
> Location: N/A
> Rental occupied housing units: 3.3%
> Median rental cost: $988 — 7,538th highest of 17,935 ZIP codes (tied)
> Median home value: $288,100 — 4,651st highest of 17,993 ZIP codes (tied)
> Median household income: $96,413 — 2,383rd highest of 18,048 ZIP codes
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29. 53033
> Location: Richfield, Wisconsin
> Rental occupied housing units: 3.3%
> Median rental cost: $1,250 — 4,298th highest of 17,935 ZIP codes (tied)
> Median home value: $284,000 — 4,761st highest of 17,993 ZIP codes (tied)
> Median household income: $95,281 — 2,496th highest of 18,048 ZIP codes
28. 07640
> Location: Harrington Park, New Jersey
> Rental occupied housing units: 3.3%
> Median rental cost: $3,010 — 65th highest of 17,935 ZIP codes
> Median home value: $597,400 — 1,139th highest of 17,993 ZIP codes
> Median household income: $135,750 — 548th highest of 18,048 ZIP codes
27. 11766
> Location: Mount Sinai, New York
> Rental occupied housing units: 3.2%
> Median rental cost: N/A
> Median home value: $460,700 — 1,920th highest of 17,993 ZIP codes (tied)
> Median household income: $123,125 — 844th highest of 18,048 ZIP codes
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26. 55327
> Location: Dayton, Minnesota
> Rental occupied housing units: 3.2%
> Median rental cost: $1,189 — 4,923rd highest of 17,935 ZIP codes (tied)
> Median home value: $350,500 — 3,316th highest of 17,993 ZIP codes (tied)
> Median household income: $113,878 — 1,185th highest of 18,048 ZIP codes
25. 85266
> Location: Scottsdale, Arizona
> Rental occupied housing units: 3.1%
> Median rental cost: $2,962 — 67th highest of 17,935 ZIP codes (tied)
> Median home value: $766,900 — 605th highest of 17,993 ZIP codes
> Median household income: $134,658 — 566th highest of 18,048 ZIP codes
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24. 48438
> Location: Goodrich, Michigan
> Rental occupied housing units: 3.1%
> Median rental cost: $1,206 — 4,745th highest of 17,935 ZIP codes (tied)
> Median home value: $229,000 — 6,723rd highest of 17,993 ZIP codes (tied)
> Median household income: $96,198 — 2,402nd highest of 18,048 ZIP codes
23. 44086
> Location: N/A
> Rental occupied housing units: 3.1%
> Median rental cost: $567 — 778th lowest of 17,935 ZIP codes (tied)
> Median home value: $189,600 — 8,526th highest of 17,993 ZIP codes (tied)
> Median household income: $73,897 — 5,475th highest of 18,048 ZIP codes
22. 60124
> Location: Elgin, Illinois
> Rental occupied housing units: 3.0%
> Median rental cost: $1,952 — 762nd highest of 17,935 ZIP codes (tied)
> Median home value: $320,000 — 3,922nd highest of 17,993 ZIP codes (tied)
> Median household income: $116,710 — 1,075th highest of 18,048 ZIP codes
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21. 77059
> Location: Houston, Texas
> Rental occupied housing units: 3.0%
> Median rental cost: $1,969 — 732nd highest of 17,935 ZIP codes (tied)
> Median home value: $316,600 — 4,002nd highest of 17,993 ZIP codes
> Median household income: $139,371 — 474th highest of 18,048 ZIP codes
20. 36553
> Location: McIntosh, Alabama
> Rental occupied housing units: 3.0%
> Median rental cost: $420 — 76th lowest of 17,935 ZIP codes (tied)
> Median home value: $128,500 — 4,836th lowest of 17,993 ZIP codes (tied)
> Median household income: $47,461 — 4,238th lowest of 18,048 ZIP codes
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19. 46373
> Location: St. John, Indiana
> Rental occupied housing units: 2.9%
> Median rental cost: $986 — 7,570th highest of 17,935 ZIP codes (tied)
> Median home value: $281,300 — 4,832nd highest of 17,993 ZIP codes (tied)
> Median household income: $98,261 — 2,214th highest of 18,048 ZIP codes
18. 49306
> Location: Northview, Michigan
> Rental occupied housing units: 2.9%
> Median rental cost: $631 — 1,813th lowest of 17,935 ZIP codes (tied)
> Median home value: $253,200 — 5,767th highest of 17,993 ZIP codes (tied)
> Median household income: $85,469 — 3,546th highest of 18,048 ZIP codes
17. 48380
> Location: N/A
> Rental occupied housing units: 2.8%
> Median rental cost: $1,661 — 1,669th highest of 17,935 ZIP codes (tied)
> Median home value: $327,100 — 3,775th highest of 17,993 ZIP codes (tied)
> Median household income: $115,945 — 1,106th highest of 18,048 ZIP codes
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16. 11721
> Location: Centerport, New York
> Rental occupied housing units: 2.8%
> Median rental cost: $2,302 — 325th highest of 17,935 ZIP codes (tied)
> Median home value: $644,600 — 915th highest of 17,993 ZIP codes (tied)
> Median household income: $154,144 — 280th highest of 18,048 ZIP codes
15. 49777
> Location: Presque Isle Harbor, Michigan
> Rental occupied housing units: 2.8%
> Median rental cost: N/A
> Median home value: $192,400 — 8,360th highest of 17,993 ZIP codes (tied)
> Median household income: $74,141 — 5,422nd highest of 18,048 ZIP codes
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14. 73025
> Location: Edmond, Oklahoma
> Rental occupied housing units: 2.7%
> Median rental cost: N/A
> Median home value: $368,400 — 2,961st highest of 17,993 ZIP codes (tied)
> Median household income: $151,347 — 314th highest of 18,048 ZIP codes
13. 34240
> Location: Fruitville, Florida
> Rental occupied housing units: 2.5%
> Median rental cost: $2,140 — 489th highest of 17,935 ZIP codes (tied)
> Median home value: $419,200 — 2,337th highest of 17,993 ZIP codes (tied)
> Median household income: $94,046 — 2,584th highest of 18,048 ZIP codes
12. 68347
> Location: Eagle, Nebraska
> Rental occupied housing units: 2.5%
> Median rental cost: $783 — 6,007th lowest of 17,935 ZIP codes (tied)
> Median home value: $206,800 — 7,652nd highest of 17,993 ZIP codes (tied)
> Median household income: $81,979 — 4,052nd highest of 18,048 ZIP codes
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11. 60558
> Location: Western Springs, Illinois
> Rental occupied housing units: 2.4%
> Median rental cost: $2,036 — 618th highest of 17,935 ZIP codes (tied)
> Median home value: $609,600 — 1,086th highest of 17,993 ZIP codes
> Median household income: $184,412 — 101st highest of 18,048 ZIP codes
10. 55011
> Location: East Bethel, Minnesota
> Rental occupied housing units: 2.4%
> Median rental cost: $1,510 — 2,359th highest of 17,935 ZIP codes (tied)
> Median home value: $279,400 — 4,894th highest of 17,993 ZIP codes (tied)
> Median household income: $110,203 — 1,366th highest of 18,048 ZIP codes
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9. 48022
> Location: Emmett, Michigan
> Rental occupied housing units: 2.4%
> Median rental cost: $755 — 5,217th lowest of 17,935 ZIP codes (tied)
> Median home value: $178,800 — 8,844th lowest of 17,993 ZIP codes (tied)
> Median household income: $79,074 — 4,523rd highest of 18,048 ZIP codes
8. 12514
> Location: Clinton Corners, New York
> Rental occupied housing units: 2.2%
> Median rental cost: $1,109 — 5,851st highest of 17,935 ZIP codes (tied)
> Median home value: $330,700 — 3,699th highest of 17,993 ZIP codes
> Median household income: $108,125 — 1,492nd highest of 18,048 ZIP codes (tied)
7. 06883
> Location: Georgetown, Connecticut
> Rental occupied housing units: 2.1%
> Median rental cost: $2,659 — 129th highest of 17,935 ZIP codes
> Median home value: $840,700 — 470th highest of 17,993 ZIP codes
> Median household income: $207,863 — 39th highest of 18,048 ZIP codes
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6. 11762
> Location: Massapequa Park, New York
> Rental occupied housing units: 2.0%
> Median rental cost: $2,559 — 170th highest of 17,935 ZIP codes (tied)
> Median home value: $497,200 — 1,621st highest of 17,993 ZIP codes
> Median household income: $145,321 — 376th highest of 18,048 ZIP codes
5. 20882
> Location: Damascus, Maryland
> Rental occupied housing units: 2.0%
> Median rental cost: $1,839 — 1,007th highest of 17,935 ZIP codes (tied)
> Median home value: $568,600 — 1,268th highest of 17,993 ZIP codes (tied)
> Median household income: $140,428 — 453rd highest of 18,048 ZIP codes
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4. 48042
> Location: Macomb, Michigan
> Rental occupied housing units: 1.9%
> Median rental cost: $1,199 — 4,808th highest of 17,935 ZIP codes (tied)
> Median home value: $291,900 — 4,568th highest of 17,993 ZIP codes
> Median household income: $109,364 — 1,410th highest of 18,048 ZIP codes
3. 18954
> Location: Richboro, Pennsylvania
> Rental occupied housing units: 1.6%
> Median rental cost: $1,650 — 1,721st highest of 17,935 ZIP codes (tied)
> Median home value: $394,000 — 2,589th highest of 17,993 ZIP codes
> Median household income: $131,421 — 622nd highest of 18,048 ZIP codes
1. 10916
> Location: Campbell Hall, New York
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $358,400 — 3,155th highest of 17,993 ZIP codes (tied)
> Median household income: $100,556 — 2,032nd highest of 18,048 ZIP codes
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1. 22539
> Location: Reedville, Virginia
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $365,300 — 3,010th highest of 17,993 ZIP codes
> Median household income: $81,985 — 4,051st highest of 18,048 ZIP codes
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