U.S. home sales skyrocketed during the COVID-19 pandemic, hitting a 15-year high of 6.1 million in 2021. The spike in demand, coupled with declining inventory, have put upward pressure on housing prices. Renters have not been spared, as housing has become one of the key drivers of surging U.S. inflation.

According to the Economic Policy Institute, a nonprofit think tank, a family of four - two adults and two children - can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however, from state to state and city to city.

Of the 12 metro areas in Indiana, Kokomo has the lowest housing costs. According to the EPI's Family Budget Calculator, a modest two-bedroom rental in the metro area will cost an estimated $8,784 in 2022, including utilities. For context, the statewide average cost of a comparable apartment is estimated at $10,331.

Rent prices often reflect the overall real estate market in a given area, and this pattern appears to hold in Kokomo. Just as rents in the area are lower than the statewide average, so too, are home values. According to five-year estimates from the U.S. Census Bureau's American Community Survey, the typical home in the metro area is worth $113,900, compared to the median home value of $148,900 across the state.

 

StateMetro area with lowest rental costEst. 2-bedroom rental cost, 2022, metro area ($)Est. 2-bedroom rental cost, 2022, statewide ($)Median home value, metro area ($)Median home value, statewide ($)
AlabamaDothan8,4729,784131,600149,600
AlaskaAnchorage14,64014,566301,100275,600
ArizonaSierra Vista-Douglas10,48813,875150,100242,000
ArkansasFort Smith8,7368,993119,500133,600
CaliforniaVisalia11,50823,734223,600538,500
ColoradoPueblo10,03217,157172,500369,900
ConnecticutNorwich-New London14,72417,127246,800279,700
DelawareDover12,79214,037226,600258,300
FloridaSebring-Avon Park10,45215,232120,500232,000
GeorgiaDalton9,03612,152136,800190,200
HawaiiKahului-Wailuku-Lahaina21,26423,335657,400636,400
IdahoPocatello9,38410,791165,800235,600
IllinoisDecatur9,26413,692103,100202,100
IndianaKokomo8,78410,331113,900148,900
IowaDavenport-Moline-Rock Island9,4089,802141,600153,900
KansasTopeka9,61210,740137,900157,600
KentuckyOwensboro9,8529,687139,300147,100
LouisianaMonroe9,64811,046134,500168,100
MaineLewiston-Auburn11,36413,104166,600198,000
MarylandCumberland8,80817,840131,300325,400
MassachusettsSpringfield13,54822,294236,200398,800
MichiganBay City9,31211,467106,400162,600
MinnesotaSt. Cloud9,85213,486192,100235,700
MississippiGulfport-Biloxi9,7209,546153,600125,500
MissouriJefferson City8,13610,344162,100163,600
MontanaGreat Falls9,69610,972184,400244,900
NebraskaLincoln10,51210,551188,700164,000
NevadaCarson City12,27613,543299,900290,200
New HampshireManchester-Nashua15,76815,267287,900272,300
New JerseyVineland-Bridgeton16,23619,811166,400343,500
New MexicoLas Cruces8,80810,784153,600175,700
New YorkUtica-Rome9,55220,092127,000325,000
North CarolinaHickory-Lenoir-Morganton8,31611,360139,100182,100
North DakotaFargo10,47610,236225,600199,900
OhioMansfield8,80810,324115,100151,400
OklahomaLawton9,07210,059121,500142,400
OregonMedford12,46815,607294,500336,700
PennsylvaniaJohnstown8,68812,41294,900187,500
Rhode IslandProvidence-Warwick13,77614,502290,500276,600
South CarolinaFlorence9,70811,096125,100170,100
South DakotaSioux Falls10,4889,670208,400174,600
TennesseeKingsport-Bristol8,41210,906140,800177,600
TexasMcAllen-Edinburg-Mission8,86813,47590,000187,200
UtahLogan9,38412,508252,800305,400
VermontBurlington-South Burlington19,53614,321285,200230,900
VirginiaLynchburg9,40815,870173,900282,800
WashingtonSpokane-Spokane Valley12,08417,824243,000366,800
West VirginiaWeirton-Steubenville8,8089,13395,400123,200
WisconsinOshkosh-Neenah9,10810,970158,400189,200
WyomingCasper10,41610,423215,400228,000