The cost of buying a home was 55% higher in May than the year before, both as a result of prices increasing and higher mortgage rates, the National Association of Realtors reported. And rates have continued to rise since. For many Americans, renting is the only financially feasible choice. However, rents have also skyrocketed, and in some places where renting is relatively uncommon, there are very few rental properties available.
To determine the towns with the lowest rental rates, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey. We defined towns as census places having at least 1,000 people and less than 25,000 people.
Nationwide, 35.6% of housing units are rental properties. Among the 50 cities on this list, that figure ranges from 3.5% to an estimated 0.0% of housing units. New Jersey and New York tie for having the most towns on this list, with seven each. Illinois is third, with five.
Young people are far more likely to rent homes than buy. Well over half of all renters in the United States are under the age of 35, whereas that age group accounts for less than 10% of homeowners. Many of the towns on this list have such low shares of renters because they have older populations.
According to the census, 23.2% of Americans are 18-34 years old. This age group accounts for a smaller share of the population in all of the places considered for this list. In six of the places on this list, 18-34 year olds account for less than 10% of the population. In Mission Hills, Kansas, home to the highly affluent country club of the same name, a reported 0.0% of housing units are occupied by renters. Just 6.6% of local residents are 18-34. These are the places U.S. retirees are moving.
Another reason rental rates are low in these places is likely that so many families can afford to own their homes. The U.S. median household income is $64,994. All but one of the places on this list have higher median household incomes, including Chevy Chase, Maryland, where the typical household has an income greater than $250,000, the highest figure reported by the Census. This is the richest town in every state.
Click here to see towns with the lowest rental rates
To determine the towns with the lowest rental rates, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey.
We used census “place” geographies — a category that includes incorporated legal entities and census-designated statistical entities. We defined towns based on population thresholds — having at least 1,000 people and less than 25,000 people.
Towns were ranked based on the percentage of housing units that are occupied by renters.
Additional information on median rental cost, median home value, and median household income are also five-year estimates from the 2020 ACS.
50. Minnetrista, Minnesota
> Rental occupied housing units: 3.5%
> Median rental cost: $1,888 — 575th highest of 8,667 towns (tied)
> Median home value: $509,200 — 770th highest of 8,716 towns
> Median household income: $144,188 — 300th highest of 8,763 towns
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49. Indian River Shores, Florida
> Rental occupied housing units: 3.5%
> Median rental cost: $1,563 — 1,230th highest of 8,667 towns (tied)
> Median home value: $780,900 — 254th highest of 8,716 towns
> Median household income: $156,447 — 220th highest of 8,763 towns
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48. Forest Hills, Tennessee
> Rental occupied housing units: 3.5%
> Median rental cost: $3,500+ — the highest of 8,667 towns (tied)
> Median home value: $866,400 — 178th highest of 8,716 towns
> Median household income: $205,997 — 58th highest of 8,763 towns
47. Citrus Park, Arizona
> Rental occupied housing units: 3.5%
> Median rental cost: $2,060 — 394th highest of 8,667 towns (tied)
> Median home value: $414,800 — 1,182nd highest of 8,716 towns
> Median household income: $113,580 — 756th highest of 8,763 towns
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46. The Pinery, Colorado
> Rental occupied housing units: 3.4%
> Median rental cost: $2,414 — 185th highest of 8,667 towns (tied)
> Median home value: $535,300 — 696th highest of 8,716 towns
> Median household income: $127,757 — 480th highest of 8,763 towns
45. South Russell, Ohio
> Rental occupied housing units: 3.4%
> Median rental cost: $1,738 — 827th highest of 8,667 towns (tied)
> Median home value: $353,600 — 1,595th highest of 8,716 towns
> Median household income: $133,750 — 410th highest of 8,763 towns (tied)
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44. Village of Grosse Pointe Shores, Michigan
> Rental occupied housing units: 3.4%
> Median rental cost: N/A
> Median home value: $559,700 — 629th highest of 8,716 towns
> Median household income: $172,250 — 141st highest of 8,763 towns
43. Chevy Chase, Maryland
> Rental occupied housing units: 3.4%
> Median rental cost: $3,500+ — the highest of 8,667 towns (tied)
> Median home value: $1,326,200 — 63rd highest of 8,716 towns
> Median household income: $250,000+ — the highest of 8,763 towns (tied)
42. Mount Sinai, New York
> Rental occupied housing units: 3.3%
> Median rental cost: N/A
> Median home value: $466,300 — 922nd highest of 8,716 towns
> Median household income: $135,389 — 391st highest of 8,763 towns
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41. Glendale, Missouri
> Rental occupied housing units: 3.3%
> Median rental cost: $1,428 — 1,629th highest of 8,667 towns (tied)
> Median home value: $415,900 — 1,169th highest of 8,716 towns (tied)
> Median household income: $141,622 — 328th highest of 8,763 towns
40. Harrington Park, New Jersey
> Rental occupied housing units: 3.3%
> Median rental cost: $3,010 — 65th highest of 8,667 towns
> Median home value: $597,400 — 543rd highest of 8,716 towns (tied)
> Median household income: $135,750 — 387th highest of 8,763 towns (tied)
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39. Fox Chapel, Pennsylvania
> Rental occupied housing units: 3.3%
> Median rental cost: N/A
> Median home value: $701,600 — 328th highest of 8,716 towns
> Median household income: $233,776 — 33rd highest of 8,763 towns
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38. Medford Lakes, New Jersey
> Rental occupied housing units: 3.3%
> Median rental cost: $2,207 — 291st highest of 8,667 towns
> Median home value: $321,700 — 1,911th highest of 8,716 towns (tied)
> Median household income: $126,154 — 508th highest of 8,763 towns
37. Baiting Hollow, New York
> Rental occupied housing units: 3.3%
> Median rental cost: $1,833 — 650th highest of 8,667 towns (tied)
> Median home value: $446,400 — 1,021st highest of 8,716 towns
> Median household income: $103,828 — 1,043rd highest of 8,763 towns
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36. Spring Valley Village, Texas
> Rental occupied housing units: 3.2%
> Median rental cost: $2,750 — 101st highest of 8,667 towns (tied)
> Median home value: $859,400 — 186th highest of 8,716 towns
> Median household income: $214,000 — 49th highest of 8,763 towns
35. Robins, Iowa
> Rental occupied housing units: 3.2%
> Median rental cost: $1,446 — 1,567th highest of 8,667 towns (tied)
> Median home value: $304,400 — 2,062nd highest of 8,716 towns (tied)
> Median household income: $132,188 — 424th highest of 8,763 towns
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34. Shark River Hills, New Jersey
> Rental occupied housing units: 3.1%
> Median rental cost: $1,368 — 1,843rd highest of 8,667 towns (tied)
> Median home value: $367,900 — 1,489th highest of 8,716 towns
> Median household income: $106,793 — 949th highest of 8,763 towns
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33. Sherwood, Wisconsin
> Rental occupied housing units: 3.1%
> Median rental cost: $1,013 — 3,625th highest of 8,667 towns (tied)
> Median home value: $262,600 — 2,580th highest of 8,716 towns (tied)
> Median household income: $112,888 — 770th highest of 8,763 towns
32. Country Knolls, New York
> Rental occupied housing units: 3.0%
> Median rental cost: N/A
> Median home value: $299,900 — 2,113th highest of 8,716 towns (tied)
> Median household income: $120,188 — 631st highest of 8,763 towns
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31. Dix Hills, New York
> Rental occupied housing units: 2.8%
> Median rental cost: $2,672 — 121st highest of 8,667 towns
> Median home value: $739,600 — 281st highest of 8,716 towns
> Median household income: $174,786 — 126th highest of 8,763 towns
30. Elwood, New York
> Rental occupied housing units: 2.8%
> Median rental cost: $2,036 — 416th highest of 8,667 towns (tied)
> Median home value: $558,400 — 631st highest of 8,716 towns
> Median household income: $143,521 — 307th highest of 8,763 towns
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29. Riva, Maryland
> Rental occupied housing units: 2.8%
> Median rental cost: $2,854 — 82nd highest of 8,667 towns
> Median home value: $484,500 — 844th highest of 8,716 towns
> Median household income: $126,792 — 494th highest of 8,763 towns
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28. Cliffwood Beach, New Jersey
> Rental occupied housing units: 2.8%
> Median rental cost: $1,136 — 2,846th highest of 8,667 towns (tied)
> Median home value: $270,700 — 2,456th highest of 8,716 towns (tied)
> Median household income: $97,232 — 1,297th highest of 8,763 towns
27. Elk Ridge, Utah
> Rental occupied housing units: 2.8%
> Median rental cost: $1,429 — 1,623rd highest of 8,667 towns (tied)
> Median home value: $398,800 — 1,256th highest of 8,716 towns
> Median household income: $103,875 — 1,039th highest of 8,763 towns
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26. Hamilton Square, New Jersey
> Rental occupied housing units: 2.7%
> Median rental cost: $1,181 — 2,592nd highest of 8,667 towns (tied)
> Median home value: $316,800 — 1,945th highest of 8,716 towns (tied)
> Median household income: $110,400 — 839th highest of 8,763 towns
25. Green Valley, Maryland
> Rental occupied housing units: 2.7%
> Median rental cost: $2,250 — 266th highest of 8,667 towns (tied)
> Median home value: $445,900 — 1,027th highest of 8,716 towns
> Median household income: $145,158 — 291st highest of 8,763 towns
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24. Southwest Ranches, Florida
> Rental occupied housing units: 2.6%
> Median rental cost: $2,311 — 227th highest of 8,667 towns (tied)
> Median home value: $670,100 — 377th highest of 8,716 towns
> Median household income: $133,750 — 410th highest of 8,763 towns (tied)
23. Canadian Lakes, Michigan
> Rental occupied housing units: 2.6%
> Median rental cost: $800 — 3,095th lowest of 8,667 towns (tied)
> Median home value: $194,800 — 3,809th highest of 8,716 towns (tied)
> Median household income: $62,328 — 3,935th highest of 8,763 towns (tied)
22. The Galena Territory, Illinois
> Rental occupied housing units: 2.6%
> Median rental cost: $1,375 — 1,819th highest of 8,667 towns (tied)
> Median home value: $270,700 — 2,456th highest of 8,716 towns (tied)
> Median household income: $103,065 — 1,074th highest of 8,763 towns
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21. Packanack Lake, New Jersey
> Rental occupied housing units: 2.5%
> Median rental cost: $2,875 — 79th highest of 8,667 towns
> Median home value: $497,600 — 793rd highest of 8,716 towns
> Median household income: $142,353 — 321st highest of 8,763 towns
20. St. John, Indiana
> Rental occupied housing units: 2.4%
> Median rental cost: $955 — 4,047th highest of 8,667 towns (tied)
> Median home value: $279,700 — 2,337th highest of 8,716 towns (tied)
> Median household income: $103,851 — 1,041st highest of 8,763 towns
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19. Western Springs, Illinois
> Rental occupied housing units: 2.4%
> Median rental cost: $2,036 — 416th highest of 8,667 towns (tied)
> Median home value: $609,600 — 513th highest of 8,716 towns
> Median household income: $184,412 — 97th highest of 8,763 towns
18. Dry Run, Ohio
> Rental occupied housing units: 2.4%
> Median rental cost: $1,148 — 2,777th highest of 8,667 towns (tied)
> Median home value: $346,200 — 1,661st highest of 8,716 towns
> Median household income: $170,203 — 153rd highest of 8,763 towns
17. Oak Hill, Tennessee
> Rental occupied housing units: 2.4%
> Median rental cost: $1,859 — 617th highest of 8,667 towns (tied)
> Median home value: $723,100 — 297th highest of 8,716 towns
> Median household income: $183,929 — 99th highest of 8,763 towns
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16. North Barrington, Illinois
> Rental occupied housing units: 2.3%
> Median rental cost: N/A
> Median home value: $670,300 — 375th highest of 8,716 towns
> Median household income: $197,188 — 72nd highest of 8,763 towns
15. Oak Grove, Minnesota
> Rental occupied housing units: 2.2%
> Median rental cost: $1,294 — 2,122nd highest of 8,667 towns (tied)
> Median home value: $309,700 — 2,004th highest of 8,716 towns (tied)
> Median household income: $107,112 — 940th highest of 8,763 towns
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14. Richfield, Wisconsin
> Rental occupied housing units: 2.1%
> Median rental cost: $1,115 — 2,978th highest of 8,667 towns (tied)
> Median home value: $341,700 — 1,719th highest of 8,716 towns
> Median household income: $113,190 — 763rd highest of 8,763 towns
13. Massapequa Park, New York
> Rental occupied housing units: 2.0%
> Median rental cost: $2,511 — 157th highest of 8,667 towns (tied)
> Median home value: $493,700 — 806th highest of 8,716 towns
> Median household income: $144,819 — 294th highest of 8,763 towns
12. Richboro, Pennsylvania
> Rental occupied housing units: 1.9%
> Median rental cost: $1,825 — 670th highest of 8,667 towns (tied)
> Median home value: $378,500 — 1,399th highest of 8,716 towns
> Median household income: $131,224 — 433rd highest of 8,763 towns (tied)
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_at_Interstate_295_(Camden_Freeway)_in_Mount_Ephraim,_Camden_County,_New_Jersey.jpg "2018-10-03 12 16 14 View west along Interstate 76 (North-South Freeway) at Interstate 295 (Camden Freeway) in Mount Ephraim, Camden County, New Jersey by Famartin")
11. Barclay, New Jersey
> Rental occupied housing units: 1.3%
> Median rental cost: N/A
> Median home value: $344,400 — 1,673rd highest of 8,716 towns (tied)
> Median household income: $145,588 — 285th highest of 8,763 towns
10. Shorewood Forest, Indiana
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $379,500 — 1,396th highest of 8,716 towns
> Median household income: $135,750 — 387th highest of 8,763 towns (tied)
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9. Colonial Pine Hills, South Dakota
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $293,100 — 2,179th highest of 8,716 towns (tied)
> Median household income: $85,213 — 1,913th highest of 8,763 towns (tied)
8. Long Beach, Indiana
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $472,500 — 900th highest of 8,716 towns
> Median household income: $108,125 — 906th highest of 8,763 towns
7. Holiday Shores, Illinois
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $179,800 — 4,184th highest of 8,716 towns (tied)
> Median household income: $104,038 — 1,032nd highest of 8,763 towns
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6. Pocono Woodland Lakes, Pennsylvania
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $218,100 — 3,336th highest of 8,716 towns (tied)
> Median household income: $93,673 — 1,457th highest of 8,763 towns
5. Lake Camelot, Wisconsin
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $210,300 — 3,483rd highest of 8,716 towns (tied)
> Median household income: $94,083 — 1,439th highest of 8,763 towns
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4. Mission Hills, Kansas
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $966,200 — 138th highest of 8,716 towns
> Median household income: $250,000+ — the highest of 8,763 towns (tied)
3. Garden Ridge, Texas
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $478,600 — 866th highest of 8,716 towns
> Median household income: $140,453 — 342nd highest of 8,763 towns
2. South Barrington, Illinois
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $855,700 — 190th highest of 8,716 towns
> Median household income: $183,750 — 101st highest of 8,763 towns (tied)
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1. Albertson, New York
> Rental occupied housing units: 0.0% reported
> Median rental cost: N/A
> Median home value: $623,200 — 482nd highest of 8,716 towns
> Median household income: $114,966 — 725th highest of 8,763 towns
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