The Nation’s Most Budget-Friendly Cities For Renters
In July, 2020, Stevens Point was nationally recognized by LendEDU as one of the most budget-friendly cities in the country for renters. Stevens Point’s low rent-to-income ratio ranked #318 in the country and #19 in the state of Wisconsin.
LendEDU licensed real estate data deriving from the U.S. Census Bureau on over 25,000 American cities. Each city was ranked according to its rent-to-income ratio, or the proportion of a city’s median household income that goes to annual rent costs (including utilities). A lower percentage was more favorable.
Specifically, Stevens Point had an average annual rent cost of $9,400 and a median household income of $53,747 for a rent-to-income ratio of 17.49%. It is generally recommended that a renter’s rent should cost no more than 30% of their annual income, so these numbers speak to Stevens Point’s proximity to high-paying jobs relative to the affordable housing in the area.
Mayor Mike Wiza says that Stevens Point has been using the data from our housing study to work on affordable housing and housing options throughout our community, and is proud of this accomplishment. A representative of LendEDU stated the report shows that Stevens Point is a great place for young adults to rent an apartment or home because the availability of high-paying jobs makes rent only a small portion of their budgets, which means the opportunity to save is better.