Rents in the United States hit a record high in April, according to real estate listing site Realtor.com, with rents rising 16.7% compared to the previous year. In contrast, over the previous five years, gross rents increased by 18.1%.

Rising housing costs are a main driver of inflation, which recently hit a multi-decade high in the United States. Higher monthly rent costs are putting a serious squeeze on the millions of Americans, typically younger ones, who already cannot afford to own a home.

According to the most recent available data from the U.S. Census Bureau's American Community Survey, the median gross rent price in the United States is $1,096. In some major metropolitan areas, however, monthly housing costs are far lower, offering cash-strapped renters a break.

In the Hickory-Lenoir-Morganton metro area, located in North Carolina, the median monthly rent price is $708 - 35.4% less than the national average and among the lowest of any U.S. metro area.

Rent prices are partially a reflection of real estate and home values in a given area. And just as rent prices are lower than average in Hickory-Lenoir-Morganton, so too are home values. The typical home in the metro area is worth an estimated $139,100, compared to the national median home value of $229,800

All data used in this story on rent prices and home values are five-year estimates from the U.S. Census Bureau's 2020 American Community Survey.

 

RankMetro areaMedian monthly rent ($)Median home value ($)Share of housing units occupied by renters (%)
1Johnstown, PA63594,90025.3
2Weirton-Steubenville, WV-OH65095,40029.0
3Wheeling, WV-OH657115,20025.5
4Decatur, AL666137,60026.5
5Gadsden, AL676124,40027.0
6Mansfield, OH677115,10033.1
7Kingsport-Bristol, TN-VA678140,80026.5
8Bay City, MI679106,40023.9
9Youngstown-Warren-Boardman, OH-PA683110,30029.7
10Florence-Muscle Shoals, AL683140,00030.7
11Danville, IL68380,90029.2
12Jefferson City, MO686162,10028.3
13Decatur, IL690103,10030.9
14Beckley, WV691104,10024.3
15Carbondale-Marion, IL696118,30037.2
16Fort Smith, AR-OK701119,50033.8
17Pocatello, ID702165,80031.7
18Cumberland, MD-WV708131,30028.3
19Hickory-Lenoir-Morganton, NC708139,10026.6
20Parkersburg-Vienna, WV710123,80027.2
21Morristown, TN715142,80028.2
22Anniston-Oxford, AL720121,60029.6
23Dalton, GA721136,80032.8
24Lima, OH722120,30033.3
25Muncie, IN72596,60035.5
26Pine Bluff, AR72685,70034.8
27Charleston, WV728110,10027.5
28Johnson City, TN734152,60033.0
29Huntington-Ashland, WV-KY-OH736123,90028.3
30Monroe, LA739134,50036.8
31Terre Haute, IN74099,70030.8
32Altoona, PA741128,20029.7
33Kokomo, IN743113,90027.9
34Dothan, AL744131,60030.3
35Sheboygan, WI744165,40029.7
36Brownsville-Harlingen, TX74689,70033.8
37Joplin, MO748126,20033.6
38Canton-Massillon, OH750138,30031.2
39McAllen-Edinburg-Mission, TX75390,00032.0
40Texarkana, TX-AR753114,10034.2
41Rocky Mount, NC753115,40036.4
42Florence, SC754125,10033.0
43Niles, MI757157,50028.8
44Springfield, OH757120,50032.9
45Erie, PA758138,50033.0
46Utica-Rome, NY760127,00030.1
47Jonesboro, AR761136,00041.9
48Lewiston, ID-WA762207,20027.3
49Michigan City-La Porte, IN763139,90026.7
50Las Cruces, NM765153,60035.4